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Equities surge on earnings, Dubai World debt optimism
DUBAI — Union Properties on Monday surged after reporting a 66 per cent rise in first-quarter profit, helping Dubai Financial Market General Index, or DFMGI, to close in positive columns, although retail investors dominated trade as institutions await more details on Dubai World’s debt restructuring plan.
Union Properties, Dubai’s third-biggest developer by market value, surged the most in almost two months. Its shares rose 6.13 per cent to 0.49 fils, the most since March 16.
Emaar Properties climbed 1.55 per cent to Dh3.92, Arabtec Holding gained 2.05 per cent to Dh2.49 and Deyaar up 0.25 per cent to 0.41 fils.
The DFMGI climbed for the first time this week, advancing 0.72 per cent, the first biggest gain since April 29, to 1,736.61 points. Out of 29 stocks traded yesterday, 18 posted gains while one remain unchanged and 10 declined. Trading volume remain thin as 136.51 million shares were traded on DFM.
“Union Properties is the frontrunner today. The first-quarter results were a pleasant surprise,” said Vyas Jayabhanu, head of investments at Al Dhafra Financial Broker.
In banking sector, Emirates NBD gained 0.68 per cent to Dh2.95 and Dubai Islamic Bank advanced 0.88 per cent to Dfh2.28. Shuaa Capital fell 0.71 per cent to Dh1.40 despite posting profit in first quarter.
“In the long-term, Dubai World restructuring is the main overhang on the market. There is no clarity and that’s the reason why foreign investors are not participating,” Jayabhanu said.
Dubai World is in negotiations with bank creditors as it tries to restructure multibillion dollar debts. HSBC, a Dubai World creditor, described the restructuring plan as “very fair” on Monday.
ADCB shines
Abu Dhabi Commercial Bank, or ADCB, soared 9.14 per cent to Dh1.91 and lifted the Abu Dhabi Securities Market’s General Index, or ADXGI.
The benchmark ended 0.78 per cent higher for a first session in six days. It closed at 2,795.38 points, its biggest gain for three weeks.
Aldar Properties gained 3.17 per cent to Dh3.90 and Union National Bank advanced 3.10 per cent to Dh3.33. On negative sides, Abu Dhabi Islamic Bank dropped 1.41 per cent to Dh2.79 and Dana Gas declined 1.22 per cent to 0.81 fils.
“Local buyers are being dragged into all the large cap names by the performance of Union Properties and ADCB, as well as some additional positive commentary regarding Dubai World’s debt restructuring,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank.
In terms of value, Aldar Properties remained a most active share on ADX as its Dh15.67 million shares changed hands in thin trade. In terms of volume, Dana Gas remained on top as its 7.62 million shares were traded on the exchange. —muzaffarrizvi@khaleejtimes.com
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