du leads Dubai market gain into Q4

03 October 2010

After an early attempt to break through 1,700 points failed, the Dubai Financial Market (DFM) General Index added 0.65% to close at 1,694.64 in a relatively calm debut of the fourth quarter. Shares of Emirates Integrated Telecommunications Company, better known as du, reaped benefits from recent consolidation moves in the GCC telecom sector and surged 3.88% to finish at Dhs2.68. Its UAE rival Etisalat has announced last week plans to buy 46% in Kuwait’s Zain telecom while Qatar Telecom eyes to takeover Zain’s Saudi unit, according to Sico bank. Shares of International Financial Advisors (IFA) from Kuwait plummeted 0.89% to end at Dhs0.756. Its subsidiary IFA Hotels and Resorts has reported a loss of 19.5 million Kuwaiti dinars (Dh250m) for the 2010 financial year. Traded value declined 48% to Dhs171.22m at the DFM. Some 81.06m stocks (down 45%) changed hands.

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