Dubai Financial Market rises on positive corporate results

17/08/2010 - Dubai Investment News
Dubai Financial Market rises on positive corporate results

Posted by Bob Brunskill

The Dubai Financial Market (DFM) benchmark index rose yesterday (August 16th) after certain listed companies posted positive results.

These included Tamweel which announced a net profit of Dh5 million for the second quarter of this year and Jeema Mineral Water which revealed a net profit of around Dh1.3 million for the same period, Emirates Business 24/7 reported.

As a result of strong trading, DFM's benchmark index recovered 8.22 points or 0.56 per cent from Sunday's level to close at 1,473.71.

Emirates Business also observed that with the exception of insurance and telecoms, all other sectors ended in the green.

"The market breadth was positive with 13 advances against seven declines," it added.

DFM's strong performance was matched by the Abu Dhabi Securities Exchange, which also edged up by 8.36 points to close at 2,493.76.

Meanwhile, it was reported this week that Potential FZ-LLC, a leading business development company based in Dubai, is among those launching the UAE 25 contest with a view to encouraging competition among small and medium-sized enterprises (SMEs) in the country.