Arabtec helps Dubai stock index pull through

28/11/2014 06:07 AST

late surge in Arabtec shares helped to ensure Dubai’s stock market ended the last day of the trading week in the black.

The Dubai Financial Market yesterday closed 1.1 per cent higher at 4,494.37, ending a three-day losing streak.

The main index, however, finished the week 1.5 per cent lower compared with last Thursday’s close.

Arabtec shares were the big gainers after Egypt’s housing minister said the company’s US$40 billion housing project will commence construction next year, downplaying talks of delays to the project.

Shares of the construction company rose 6.1 per cent in heavy afternoon trading, ending the day at Dh3.97 each.

Dubai’s gains were not replicated in the capital, however. The Abu Dhabi Securities Exchange General Index ended the day down 0.4 per cent at 4,797.90, dragged by a 1.9 per cent drop in the index heavyweight FGB.

Aldar Properties ended the day up 0.9 per cent at Dh3.19 for each share, following an announcement that its credit rating had been upgraded to investment grade by Moody’s.

The rating agency cited the reduction of the developer’s financial leverage and development risk, and an increase in recurring rental following the opening of Yas Mall and other properties.

Meanwhile, shares in Dana Gas closed unchanged at 61 fils after reports that the company was in talks with the Egyptian government to secure a more competitive price for some of the natural gas it extracts in the country.


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