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Equities sustain positive trend as volumes improve
DUBAI — UAE markets on Thursday closed the week on positive note as better corporate earnings from blue-chip companies restored the confidence of investors. Emirates Integrated Telecommunications Company, or du, led Dubai Financial Market’s General Index, or DFMGI to a higher close, still benefiting from strong quarterly results, while Dana Gas helped Abu Dhabi Securities Market’s General Index, or ADIXGI, stayed in positive columns.
The DFMGI rose 3.38 points, or 0.2 per cent, to 1,718.86 points. Out of 28 stocks traded yesterday, 13 posted gains, while two remain unchanged and 13 declined as volumes reversed the trend and improved by more than 100 per cent to 157.48 million from 114.85 million shares a day before.
Du, which said on Tuesday that its first-quarter net profit quadrupled, climbed 4.7 per cent higher.
“This (stock price increase) is still due to the results,” said Samer Al Jaouni, General Manager of Middle East Financial Brokerage Co.
“Today we’ve seen some new orders from foreign investors. There were some building a new position or increasing their existing position,” he said.“We expect du to beat estimates this year.”
Dana Gas shines on ADX
Abu Dhabi’s benchmark index rose to the highest in more than two weeks and gained 7.81 points, or 0.28 per cent, to 2,803.39 points. Out of 36 stocks traded yesterday, 18 posted gains, while 10 remain unchanged and eight declined as volumes improved to 64 million shares.
Dana Gas, UAE-based explorer and producer remained a most actively traded stock with 37.70 million shares and finished 2.5 per cent higher after swinging to a net profit in the first quarter.
“Again very positive, their ability to generate this profit was better than anyone could expect,” Al Jaouni said. “It’s good that we are seeing this sort of reaction for the earnings, people look at fundamentals again and will see the first quarter was not that bad,” he added.
Finance House surged 9.98 per cent to Dh4.94, Abu Dhabi Shipbuilding soared 9.39 per cent to Dh3.61 and Qtel climbed 4.69 per cent to Dh170. Emirates Telecommunications Corporation, also known as Etisalat, increased to the highest in a month to Dh10.8 and Waha Capital PJSC rose 1.4 per cent to 0.75 fils.
On negative sides, National Bank of Umm Al Qaiwain declined 2.59 per cent to Dh2.60 and Aabaar Investment dropped 0.96 per cent to Dh2.06.
In terms of value, Aldar Properties remained a most active share on ADX as its Dh32.96 million shares changed hands on the exchange. — muzaffarrizvi@khaleejtimes.com
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