DFM narrowly makes it back past 4,000 mark

Dubai’s main share index managed to claw back some ground in trading on Thursday, ending a poor week just above the psychologically important 4,000 mark.

The Dubai Financial Market General Index rose by a little more than 1 per cent in early trading before it ended the day up just 0.2 per cent at 4,000.50, 2.9 per cent lower than the end of last week.

Emaar Malls Group was the clear winner of the day, enjoying its highest gain since early January. The company’s shares soared 6.3 per cent to a record high of Dh3.50, their first close above the Dh3 mark.

Ajman Bank was the main laggard of the day, closing down 9.5 per cent at Dh1.90, ending a torrid week in which the bank’s shares lost 14.8 per cent of their value.

In the capital the Abu Dhabi Securities Exchange General Index was largely unchanged for the majority of the day before a last-minute sell-off drove the index down 1.2 per cent to 4,516.56, its biggest one-day fall in more than three weeks.

RAK Properties was the poorest-performing stock of the day, closing down 4.6 per cent at 62 fils, its lowest level since mid-December.

Abu Dhabi Islamic Bank was among the best-performing stocks of the day after it announced plans for a Dh504 million rights issue and to raise its sukuk level to US$3 billion from $2bn to support its growth plans.

The bank’s shares closed up 1.3 per cent at Dh5.10.


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