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[2008-04-07] UAE shares rise
UAE shares climbed yesterday on speculation that earnings growth continued in the first-quarter, with Emirates NBD advancing after it announced plans for a consumer finance company and Aldar Properties rising for a fourth day on plans of a new development.
The markets advanced also on continued speculation that stocks became more attractive following last month’s declines.
The Dubai Financial Market (DFM) General Index added 0.9 per cent to close at 5,516.13 and the Abu Dhabi Securities Market (ADSM) Index rose 0.3 per cent at 4,772.96 points.
Emirates NBD, the biggest banking group in the Gulf region by assets, surged 2.3 per cent to Dh11.20 and Deyaar Development increased 1.3 per cent to Dh2.43 on DFM while Aldar grew 1.9 per cent to Dh11 on ADSM.
The bank plans to start a consumer finance company this year to take advantage of strong economic growth in the UAE and the whole Gulf region.
Emirates NBD is also looking to the rest of the Middle East and India to add branches and for acquisitions.
The biggest property developer in Abu Dhabi, Aldar brought to 7.3 per cent its four-day rally.
The company is set to build a multi-use “car city” with dealerships, exhibition centres and retail outlets.
