Emaar results prop Dubai index; Abu Dhabi shares trade sideways

The Dubai Financial Market edged up slightly during trading on Monday buoyed by earnings at the index’s largest stock Emaar Properties.

The DFM rose 0.89 per cent to close at 3,515.22 during trading as property stocks pushed the index into positive terratory.

Emaar stocks rose 1.91 per cent to close at Dh6.95 per cent after Dubai’s biggest listed property developer reported an 8 per cent increase in second- quarter profits to Dh1.27 billion after trading closed on Sunday.

Emaar Malls, the shopping malls and retail business 84 per cent owned by Emaar Properties, was the day’s highest climber, gaining 3.16 per cent in trading on Monday to close at Dh2.94.

It was followed by Dubai developer Damac whose stocks rose 3.02 per cent to close at Dh2.39 and contractor Arabtec which rose 2.76 per cent to close at Dh1.49 as the positive sentiment towards property stocks spread.

Dubai courier Aramex which had made 11 gains in a row remained unchanged on Monday. After trading closed on Sunday, the Reuters news agency reported that Mohamed Alabbar, the Emaar chairman, had led two investor groups that bought a 16.45 per cent stake in the company as part of a plan to build an e-commerce platform across the Arab world.

Telecoms operator du was the biggest faller on the index, slumping 1.35 per cent on Monday to close at Dh5.56 after it posted an 11.3 per cent decline in second-quarter net profits on Sunday.

Dubai Investments was the bourse’s second-biggest faller, with stocks declining 0.95 per cent after it reported a 2.3 per cent fall in second-quarter net profit to Dh 218.4 million.

Abu Dhabi’s index barely moved, gaining just 0.1 per cent to close at 4,580.15.

Saudi Arabia’s index edged up 0.6 per cent as investors bought shares on recent price dips.

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