[2008-04-24]  Dubai shares end six-day gains
Shares in Dubai yesterday ended its six-day gains with a drop of 1.2 per cent to close at 5,707.54 while the Abu Dhabi bourse extended its climb for the second consecutive day with a rise of 0.03 per cent at 5,015.48 points.

Tamweel, the UAE’s biggest mortgage company by market value, slumped 1.4 per cent to Dh8.23 after it reported first-quarter profit that almost tripled. Its net income surged to Dh176.3 million from a year earlier, brought about by increased demand for homes.

Dubai-based real estate developer Union Properties slipped 0.8 per cent to Dh5.15, losing for a third day. Shareholders of the company, which is building F1-themed parks, approved a 2007 dividend of one bonus share for every 10 held, according to a statement posted on the Dubai bourse’s web site.

Meanwhile, Depa Ltd, a Dubai-based contractor that’s fitting out the world’s tallest tower Burj Dubai, dropped 1.3 per cent to $1.53 on its first day of trading on the Dubai International Financial Exchange while DP World, the international ports operator owned by the Dubai government, rose 0.1 per cent to $1.05.

Depa Ltd, which rose 5.2 per cent to $1.63 at 11.48am, sold as much as Dh278.9 million shares, or a 43-per cent stake, to the public for $1.55 each during an initial public offering earlier this month. The shares were sold at the range of $1.50 to $1.85. It said that proceeds would be spent on new manufacturing facilities and to acquire companies in the Middle East and North Africa.

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