DFM General Index Bounces Back On Monday

The Dubai Financial Market General Index (DFMGI) gained 0.25% Monday to close at 1,564.15, despite negative input from Asian and European stock exchanges.

Investment bank Shuaa Capital jumped 6.21% to reach Dhs0.787 ($0.21). Earlier in the day, Shuaa reported that its first quarter loss narrowed Dhs8.5 million ($2.31 million), compared to Dhs26.3 million ($7.16 million) in the corresponding period in 2011.

Shuaa commented the development: “Revenues in the first quarter 2012 increased by 103% to Dhs55.0 million ($14.98 million) over Q1 2011 and net loss for the period narrowed to Dhs8.5 million ($2.31 million) as the business makes progress. Overall expenses declined 7.4% to Dhs62.1 million ($16.91 million) vs Q1 2011 as our rightsizing program starts to show results.”

Market bellwether Emaar slipped 0.33%, while the DFM, as the only listed Arab bourse, rebounded 1.87%. With today’s gain, the DFMGI ended the longest consecutive series of losses since 2006.

Around 185.4 million shares were traded, valued at Dhs250.7 million ($68.26 million) .