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.
The CMA has issued its resolution approving the prospectus of Arabian Waterproofing Industries Company and the initial public offering of (8,189,994) shares representing (30%) of the Company’s share
A smart recovery was witnessed on the Muscat bourse after retail investors entered the market to purchase blue chip stocks.
Also, strong movement in telecom and banking stocks lifted the M
Times of Oman
The UAE markets continued to remain sluggish on Wednesday awaiting fresh triggers, but maintained their overall positive outlook.
Traded value dwindled to Dh162 million, down from an average
Shares on the Muscat bourse recovered on better support from local investors. The benchmark MSM30 Index increased and closed at 4,997.53 points on Tuesday, higher by 0.21 per cent. The MSM Sharia Ind
Times of Oman
Qatar’s stock index came slightly off a five-year low yesterday as local funds intensified their buying of those shares, snapping the 11-straight sessions of losses.r> Local investors have been net