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Dubai market buyers back in the driving seat
- United Arab Emirates: Monday, April 22 - 2013 at 13:45
The DFM General Index gained 1.42% Monday, closing at 1,986.76 points amid a bullish market breadth (22 shares advanced, while 3 declined). Bank of America Merrill Lynch said earlier on Sunday, the UAE economy would grow 4% this year, lifting the sentiment. Emaar added 1.34% to close at Dhs5.28. Islamic financial institution Ajman Bank lost the most (off 3.11% at Dhs1.56). DFM, the only Arab bourse listed on an exchange, rose 0.88% to hit Dhs1.15 after its sister market NASDAQ Dubai welcomed a new $500m-sukuk (Islamic bond) listing issued by Sharjah Islamic Bank (down 1.96% at Dhs1.00 at Abu Dhabi market ADX). SIB's listing brings the nominal value of sukuk listed on Dubai exchanges to $12.125bn, the third largest total in the world, behind Kuala Lumpur and London. SIB's sukuk was more than 6 times oversubscribed with 53% of the sukuk allocated to MENA based investors, 30% allocated to investors based in Asia and 17% to investors based in Europe, said DFM and NASDAQ Dubai in an e-mailed statement. Some 142m shares were traded, valued at Dhs219m
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Gérard Al-Fil, Financial JournalistMonday, April 22 - 2013 at 13:45 UAE local time (GMT+4)
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