[2008-03-26]  Dubai bourse rises 1.3pc
The UAE markets recovered yesterday, as stocks became attractive to investors after losses this month. The Dubai bourse rose 1.3 per cent to close at 5,467.74 while Abu Dhabis main index gained 0.7 per cent at 4,605.62 points.

"Its a buying opportunity as stocks are at attractive levels now," said Jalal Faruki, senior institutional sales associate at Al Mal Securities, in a Bloomberg report. "Investors are getting a bit of their confidence back as global markets are pulling together."

Deyaar Development, the second-largest property developer in Dubai, topped the Dubai Financial Market (DFM) General Index with a surge of 5.7 per cent to Dh2.41, its biggest one-day gain since January 23.

Dubai Islamic Bank, the worlds first Shariah-compliant bank, advanced 5.2 per cent to Dh9.70 while Kuwaiti-based Grand Real Estate Projects Co rose five per cent to Dh4.20 and Gulf Navigation Holding increased four per cent to Dh1.57.

The value of shares traded on DFM amounted to Dh1.4 billion, as against the 50-day average of Dh2 billion, while the almost 88 million shares traded on the Abu Dhabi Securities Market (ADSM) Index had the value of Dh618.1 million compared with the 50-day average of Dh1.05 billion.

Aldar Properties gained 1.5 per cent to Dh10.25 on ADSM while Emirates Telecommunications Corp, or Etisalat, increased 3.8 per cent to Dh24.40 and Al Khazna Insurance Co topped the measure with a surge of 6.4 per cent to Dh1.82.

Etisalats shareholders approved a cash dividend of 35 fils for the second-half of 2007 and one bonus share for every five held, the UAEs largest telephone company said in a statement posted on ADSMs web site.

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