[2008-03-11]  DFM shares up
Shares in Dubai gained less than 0.1 per cent to close at 5,756.93 yesterday while the Abu Dhabi bourse dropped 0.6 per cent at 4,785.63 points amidst continued concern on a possible US recession that would stunt investment and profit growth in the region.

Shuaa Capital, the UAEs biggest investment bank, grew 4.1 per cent to Dh7.80 while the countrys biggest Shariah-compliant lender, Dubai Islamic Bank (DIB), gained 0.8 per cent to Dh12.05 and International Financial Advisers topped the Dubai Financial Market (DFM) General Index with a jump of six per cent to Dh12.50.

HSBC Holdings Plc initiated coverage of Shuaa Capital with an "overweight" recommendation and a Dh12.60-price estimate. It cited the investment banks regional expansion plans and a "buoyant" home market.

Air Arabia, a budget carrier based in the UAE emirate of Sharjah, dropped less than 0.1 per cent to Dh2.06 while Commercial Bank of Dubai slumped 4.7 per cent to Dh10.15.

Meanwhile, Bahraini-based Al Salam Bank will start trading its shares on DFM on March 26 after it received all the necessary approvals for the stock listing, it said in a regulatory statement to the Bahrain Stock Exchange yesterday.

In Abu Dhabi, UAEs oil explorer and producer Aabar Energy declined 2.9 per cent to Dh4.36, retreating the most in six weeks after shareholders approved the sale of its Pearl Energy unit to Mubadala Development Co for Dh3.1 billion ($833.3 million).

"Most people are looking at getting out of positions, rather than getting into the market," a Bloomberg report quoted Jalal Faruki, senior institutional sales associate at Al Mal Securities in Dubai, as saying.

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