Dubai shares up 0.84%

Foreign investors net DFM sellers by AED 46.28 mln

Dubai Financial Market General Index (DFMGI) ended Tuesday’s session with a slight rise of 0.84%, or 14 points to stabilize at 1663.02. It set its intraday high of 1666.51 pts, trimming some of its early gains.

Trading volume increased to nearly 425 million shares, compared to 286.7 million shares yesterday. Turnover also rose from AED 536.7 million to approx. AED 795 million, generated from 7520 transactions.

National Cement spearheaded advancers, jumping 4.86% to AED 3.88. The bourse operator DFMC took the second position, ending 3.33% up at AED 1.55. Dubai Islamic Bank (DIB) followed, finishing 2.98 % higher at AED 2.42.

Most blue chips ended in the green, led by Emaar that added 1.80% to AED 3.40. It topped most actives by traded volume and value, after almost 94 million of its shares were exchanged at a total value of AED 319.6 million. Arabtec took the second position, as nearly 76 million of its shares were traded at a gross value of AED 169.8 million. The stock inched up 0.45% to AED 2.23. DFMC followed with a traded volume of 73.7 million shares.

On the bleak side, Tabreed was the top drag for the day, dipping 8.77% to AED 0.52. The stock was hurt by posting disappointing financial results for FY09, which reflected more than AED 1 billion losses.

Hits Telecom came second, closing 5.03% down at AED 1.70. Commercial Bank of Dubai (CBD) followed, shedding 4.88% to AED 3.12.

Seven sectors headed north, while one headed south. Materials was the best performer, gaining 4.86%. Investment & Financial Services took the second position, shooting up 1.51%, followed by Real Estate & Construction that jumped 1.19%. Insurance tailed the list, edging up 0.15%.

Conversely, Utilities was the sole loser, tumbling 8.77%.