UAE bourses gain in anticipation of strong earnings

The Dubai Financial Market (DFM) index rose more than 1 per cent in anticipation of strong second quarter corporate earnings and expectations the US Federal Reserve would do a third round of quantitative easing next month to shore up a flagging domestic economy. Trading volumes on the market rose as investors took positions ahead of the declaration of the second quarter results. Analysts say economic slowdown in the US, China and Europe will keep the market range bound, near-term with second quarter earnings, global oil prices and international market sentiments broadly setting the Dubai market’s direction. The DFM index closed at 1,546.21, up 1.1 per cent. Around 167.82 million shares, cumulatively worth about Dh214.56 million were traded on the stock market. As many as 20.58 million shares of real estate major Emaar, cumulatively valued at around Dh67.29 million were traded on the market yesterday, its stock closing 0.92 per cent higher at Dh3.30. Of the 27 company stocks traded yesterday, 15 rose, while 11 fell and one closed unchanged. The day’s top gainer was Deyaar, its stock rising 6.69 per cent to close at Dh0.335. AlSalamsudan was the day’s main loser, its shares fell 6.76 per cent to close at Dh1.38. The shares of Emaar were the most traded by value while Deyaar’s shares were the most traded in terms of volume. Abu Dhabi: The Abu Dhabi Securities Exchange (ADX) general index gained yesterday, though marginally amid lacklustre trade as major investors stayed away ahead of Ramadan. The ADX general index closed yesterday at 2,463.62, up 0.04 per cent led by a rise in telecommunication stocks. However, declines in real estate, energy and banking stocks capped the market’s upside move. Analysts say participation of foreign investors on the market remains low despite attractive valuations for several stocks, some of which are trading near their lifetime lows. The market is expected to trade in a range until second corporate quarter earnings are declared, which would set its direction, near-term. Blue chip real estate stock Aldar Properties closed 0.89 per cent lower while Sorouh Real Estate’s shares closed unchanged. The potential merger between Aldar and Sorouh remains a catalyst for the market, experts have said. Yesterday, around 21.72 million shares, cumulatively worth about Dh35.3 million were traded on the Abu Dhabi stock market. Of the 25 company stocks traded, only six advanced, while six declined and 13 closed unchanged. The stock of Abu Dhabi’s real estate major Aldar closed yesterday at Dh1.12. About 5.49 million shares of Aldar, cumulatively worth about Dh6.11 million changed hands on the market. The top gainer on the Abu Dhabi market yesterday was Gulf Cement Co, its shares rising 9.47 per cent to Dh1.04 by the close of trading. Methaq was the day’s top loser, its stock closing 2.94 per cent lower at Dh0.98. The shares of regional telecommunications major etisalat were the most traded by value while Aldar’s shares were the most traded by volume. From gulfnews