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Dubai market gains 16.06% in January
- United Arab Emirates: Thursday, January 31 - 2013 at 14:04
The DFM General Index advanced for the 6th consecutive day Thursday, closing 0.72% higher at 1,887.59. Arabtec Construction was the most liquid share (up 5.71% at Dhs2.96), while Emaar slipped 0.20% to Dhs4.87. After the market closed trading ahead of the weekend, Emaar said its net income in 2012 reached Dhs2.119bn ($577m), an 18 percent increase over 2011. Emirates NBD closed unchanged at Dhs3.80, however, the share already outperformed the market index as the UAE' first lender gained 34 percent in Jan. Earlier in the day, ENBD said the net profit in 2012 was up 3% to reach Dhs2.6 billion. Excluding the Dhs1.8 billion non-recurring gain on subsidiaries reported in 2011, the year-on-year surge in net income is a whopping 281%. The DFMGI gained 16% YTD. If the old traders' slogan "As January goes, so goes the year", the Dubai bourse's prospects might be bright for 2013.
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Gérard Al-Fil, Financial JournalistThursday, January 31 - 2013 at 14:04 UAE local time (GMT+4)
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