Dubai stock market index crosses 4,200 mark

The Dubai Financial Market General Index ended the day up 0.7 per cent at 4,215.21. The index has gained 11.7 per cent since the start of the year.

Dubai’s headline index pushed through the 4,200 mark yesterday for the first time since late October. Paulo Vecina/The National

Dubai’s benchmark index pushed through the 4,200 mark yesterday for the first time since late October, buoyed by Dubai Investments, after it had reported higher earnings.

The Dubai Financial Market General Index ended the day up nearly 0.8 per cent at 4,215.21. The index has gained 11.6 per cent since the start of the year.

Shares in Dubai Investments rose to their highest level since early October, ending 3.6 per cent higher at Dh3.10.

The investment company, partly owned by the sovereign wealth fund ICD, yesterday announced a 6 per cent rise in first quarter profits to Dh282 million after the market closed. Shares in Gulf Navigation led gains on the bourse jumping 9.1 per cent at 33.3 fils, their highest level since the beginning of March.

DFM was among the other main gainers in Dubai, ending the day 3.6 per cent higher at Dh2.20.

Emirates NBD was unchanged after the bank priced a US$500m five-year bond, mandating itself, HSBC, Morgan Stanley and Standard Chartered as bookrunners.

Stocks in the capital made marginal gains, with the Abu Dhabi Securities Exchange General Index rising 0.1 per cent to 4,678.65.

Abu Dhabi Ship Building Company was the biggest mover on the index, rising 9.3 per cent. National Bank of Abu Dhabi ended the day unchanged at Dh11.90, with the bank reporting flat profits following the market closure.

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