The bulls which had reduced their pace on the DFM during the last month geared up today and began the New Year with a bang. The Investment and Service sectors were the driving figures behind today’s performance.
The Dubai Financial Market surged by 4.22 per cent and ended the day’s trading at 1,062.70, indicating an increase of 43.01 points. The deals shot up by almost a double reaching 12,118, with around 169 million shares changing hands at a value of AED 1.86 billion.
The Abu Dhabi Securities Market too grew by 0.98 per cent to close at 5,253.99, with a rise of 51.04 points. Around 57 million shares were traded in 4,379 deals of AED 395 million.
Kingdom Holding Company Chairman Prince Alwaleed ibn Talal announced the investment of $15 million in IFA Hotels & Resorts Company, a subsidiary of International Financial Advisors Company, which will be listed in the Kuwait Stock Exchange on January 3 2006.
The DFM had the Investment and Service sectors being the catalyst which surged by 9.21 per cent and 5.30 per cent each. The Banking and Insurance sectors rose by 2.22 per cent and 1.40 per cent.
Sector indices on the ADSM closed positive, with the Hotel and Industrial sectors spearheading sector trading and were high by 4.05 per cent and 2.09 per cent each. The Banking, Insurance and Service sectors added 0.27 per cent, 1.11 per cent and 1.29 per cent accordingly.
The top spot amongst the advancers on the DFM was grabbed by Dubai Investments which surged by 10.89 per cent, Amlak Finance followed close behind by 9.09 per cent, Dubai Islamic Bank grew by 6.69 per cent, Arab Technical Construction Company rose by 6.65 per cent and Islamic Arab Insurance Company added 6.58 per cent.
The decliners on the DFM were Dubai National Insurance and Reinsurance which fell by 7.50 per cent, Gulf General Investment Company dipped by 1.39 per cent and Emirates Bank was low by 0.18 per cent.
The top movers on the ADSM were Al Ain Ahlia Insurance Company which rose by 9.95 per cent, InvestBank followed suit and was at 8.18 per cent, Umm Al Qaiwain Cement Industries which climbed by 7.12 per cent, Abu Dhabi National Hotels Company high by 4.28 per cent and Sharjah Cement and Industrial Development Company added 3.92 per cent.
The losers on the ADSM were International Fish Farming Company which plunged by 6.93 per cent, National Marine Dredging Company dipped by 3.73 per cent, Sharjah Islamic Bank which lost 3.61 per cent, Abu Dhabi Aviation Company shed 0.98 per cent and First Gulf Bank down by 0.41 per cent.
