DP World stock hits 52-week high

18/10/2010 00:00 AST

DP World’s stock price crossed its 52-week high on Sunday, even though UAE bourses closed flat.

DP World closed at $ 0.573, up 0.17 per cent, and above its year-high of $0.572. Last Thursday, DP World had announced agreement with the Red Sea Ports Authority that clears the way to double the size of DP World’s container operations in Sokhna Port, Egypt.

The new terminal at Sokhna Port, which is located at the southern end of the Suez Canal, will have a quay length of 1,300 metres and a capacity of 1.75 million TEU, more than doubling DP World Sokhna’s existing capacity to match the rapid increase in volumes at the port.

Overall, trading on Dubai Financial Market (DFM) remained rangebound on Sunday. The benchmark index closed at 1744.46, down marginally by 2.25 points or 0.13 per cent.

Except banking, transportation and insurance, all other sectors ended in the red.

The market volume also dipped sharply from Thursday’s 202 million to around 72 million, while the turnover also dropped from Dh336m to about Dh132m.

Abu Dhabi Securities Exchange (ADX) also ended flat, with the benchmark index marginally up by 4.04 points to close at 2762.71.


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