[2008-04-30]  Dubai shares recover as ADSM extends losses
Shares in Dubai recovered yesterday, helped by speculation that good first-quarter earnings by listed companies in the region would make measures do better than international markets.

The measure rose 0.7 per cent to close at 5,751.73, with Arab Insurance Group (ARIG) and Emirates NBD among the big gainers. The Abu Dhabi bourse extended its losses, dropping 0.1 per cent at 4,990.78 points.

ARIG topped the Dubai Financial Market General Index with a surge of 5.9 per cent to Dh3.43 while Emirates NBD, the biggest bank in the UAE by assets, advanced 4.2 per cent to Dh12.35.

Al Mazaya Holding Co rose one per cent to Dh10, advancing for a third day as it reported excellent first-quarter net income. The property developer said in a statement that its profit quadrupled to Dh187 million ($50.9 million) from a year ago.

Shares in the UAE’s biggest Shariah-compliant bank, Dubai Islamic Bank, increased 1.1 per cent to Dh9.51. The bank’s first-quarter profit rose 31 per cent to Dh556 million from Dh424 million on increased demand for Islamic loans.

Meanwhile, Depa Ltd dropped 2.8 per cent to $1.37 on the Dubai International Financial Exchange while DP World, an international ports operator owned by the Dubai government, fell one per cent to $1.04.

National Marine Dredging Co, which deepens waterways, was the biggest loser on the Abu Dhabi Securities Market Index with a fall of 9.6 per cent to Dh10.05, followed by Gulf Medical Projects Co, which slumped 7.4 per cent to Dh4.12. Fujairah Cement Industries topped the measure with a jump of 9.9 per cent to Dh5.64 while Union Insurance surged 9.7 per cent to Dh3.40.


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