DSI and Marka stocks get a respite

18/05/2017 07:26 AST

Shares in Marka and Drake and Scull International (DSI) enjoyed a respite on the Dubai stock exchange yesterday, as investors looked for bargains after the stocks’ recent sharp falls.

Global bourses drifted lower yesterday on increased US political uncertainty, following reports that the US president Donald Trump asked FBI director James Comey to stop its investigation into the former national security adviser Michael Flynn.

The Dubai Financial Market General Index rose by over 0.5 per cent to 3,395.06, thanks to gains by Emaar Properties and Damac Properties.

Trading was dominated by Marka and DSI, which together accounted for about 40 per cent of volumes. The stocks rebounded after recent losses, even as analysts questioned the sustainability of their recovery. Marka, which had shed nearly half of its value since the start of the month, rose 3.2 per cent to 73.6 fils.

Shares in DSI, which fell 5 per cent on Tuesday, climbed 1.1 per cent to 36.6 fils. On Tuesday, it posted a Dh722.5 million loss in the first quarter as it made provisions against contract sums owed from customers.

"Fundamentally speaking, DSI has been facing headwinds and this is why the company is being recapitalised," said Ali El Adou, the director of asset management at The National Investor in Abu Dhabi. "I expect the pressure on the company’s operations will continue throughout the year."

He said the recent exit of some of Marka’s founding shareholders would continue to put pressure in the short term, despite yesterday’s gain. The shares index in Abu Dhabi closed up nearly 0.3 per cent at 4,593.72, bolstered by a 0.9 per cent gain by Etisalat.

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