DP World top traded stock after container volumes climb

Markets Wrap: Dubai’s DP World, the world’s biggest ports operator, jumped the most in three weeks after container volumes rose 7.5 per cent in the first half of the year.

Dubai’s DP World, the world’s biggest ports operator, jumped the most in three weeks after container volumes rose 7.5 per cent in the first half of the year.

DP World shares advanced 2.9 per cent, the biggest increase since July 23, to close at US$10.30 on the Nasdaq Dubai exchange. The operator “handled 28.2 million 20-foot equivalent units across its global portfolio of over 60 terminals”, it said in statement posted on the bourse’ website last week.

“It’s a lagged reaction to the container numbers,” said Anastasios Dalgiannakis, the head of trading at Mubasher Financial Services, based in Dubai.

“DP World was inactive immediately after the news came out but today has been a busy day for the stock.” About US$4.1 million worth of shares were traded, the highest turnover since July 9. Air Arabia rose 0.7 per cent to 65 fils after the region’s biggest budget airline reported a 31 per cent increase in second-quarter profit. Net income advanced to Dh65m, from Dh49.6m. Air Arabia’s shares have risen 11 per cent this year, compared with 15 per cent for the Dubai Financial Market General Index.

The Dubai Financial Market General Index lost 0.3 per cent to 1,554.09, while the Abu Dhabi Securities Exchange General Index gained 0.2 per cent to 2,510.87.

Elsewhere in the region: Kuwait’s measure fell 0.4 per cent to 5,708.57; Bahrain’s index was unchanged at 1,090.54; Oman’s MSM 30 Index was little changed, down 0.01 per cent, to 5,433.65 and Qatar’s QE Index added 0.1 per cent to 8,353.00.

The Saudi Tadawul All-Share Index moved up 0.25 per cent to 6,961.34.

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