[2008-04-22]  Dubai bourse rises
Shares in Dubai rose 0.2 per cent to close at 5,720.51, rising for a fifth day on reports of strong first-quarter earnings growth by companies. The Abu Dhabi bourse ended its four-day gains with a drop of 0.1 per cent at 4,995.74 points.

Dubai Investments, a consortium of at least 44 companies and developer of Dubai Investments Park, was a big gainer with a surge of 3.1 per cent to Dh4.35 while Gulf General Investment Co advanced 1.8 per cent to Dh8.04 and Shuaa Capital, a financial services firm, climbed 1.1 per cent to Dh8.30. Analysts said that strong earnings reported by companies in the past few days have boosted sentiment, bringing funds and retail investors back into the market.

Meanwhile, international marine port operator DP World, a subsidiary of the Dubai government-owned Dubai World, surged 4.2 per cent to $1 on the Dubai International Financial Exchange. The company listed its shares last year priced at $1.30 each.

Gulf Medical Projects slumped 10 per cent to Dh6.21 on the Abu Dhabi Securities Market (ADSM) Index while Fujairah Cement Industries fell 9.7 per cent to Dh5.13 and Al Dhafra Insurance Co slipped 7.1 per cent to Dh6.50.

National Marine Dredging Co advanced 6.9 per cent to Dh13.80. The UAE-based company that deepens waterways may allow residents to buy shares and plans to raise capital, it said in a statement. Fujairah Building Industries Co topped ADSM with a jump of 10 per cent to Dh3.96, followed by Foodco Holding, which rose 8.9 per cent to Dh5.84.



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