Dubai Bourse Rebounds as Property Shares Gain

Pace; ADX Inches Up
05/03/2009 00:00 AST  Khaleej Times

Shares on the Dubai bourse rebounded on Wednesday from recent steep losses led by property stocks, while buying interest resumed in Abu Dhabi as investors shrugged off continued global weakness.

Property stocks paced gainers in Dubai with the real estate index rising 6.18 per cent. The benchmark index of the Dubai Financial Market rose 3.51 per cent to 1,542.26.

The main index of the Abu Dhabi Securities Exchange inched up 0.85 per cent to 2,423.85.

The UAE shares fell on Tuesday as weakness on Wall Street and Asia, along with a grim view by Federal Reserve chairman Ben Bernanke, exacerbated worries about the health of the financial sector and the global economy.

“Retail investors drove the markets today. They are thriving in these short-term opportunities while foreign institutional investors are adopting a wait and see strategy,” said Mohamed Galal, head of institutional sales of Al-Futtaim HC Securities.

Investors are more at ease getting back into the market after recent moves to restore confidence in the markets like the $10-billion bond issuance by Dubai, said Samer Al-Jouni, general manager of Middle East Financial Brokerage.

“People are psychologically comfortable and are ignoring global equities in the meantime.”

Index movers Arabtec Holding and Emaar Properties clawed back from recent declines.

Arabtec, the country’s largest construction company, jumped 2.13 per cent to Dh 1.55. Emaar, the region’s biggest property developer gained 6.28 per cent to Dh2.03.

“Buyers continue to buy Emaar on thinking that any Federal cash support for the real estate sector will be positive,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG Hermes.

“These stocks are like coiled springs at current levels, the harder you push down on them, the faster they whip back.”

Deyaar Development gained 2.12 per cent to Dh 0.48 while Union Properties added 5 per cent at Dh0.63.

Select banks also edged up with the Dubai Islamic Bank heavily traded, rising 9.25 per cent to Dh2.36.

The Dubai Financial Market, the first Gulf Arab exchange to sell shares to the public, outperformed the market, jumping 12.84 per cent to Dh1.23.

In Abu Dhabi, the index was lifted by Emirates Telecommunications Corp. or Etisalat, the country’s largest phone company which gained 4.09 per cent to Dh8.80. The National Bank of Abu Dhabi added 4.09 per cent to Dh8.80.

Major property developer Aldar Properties rose 3.14 per cent to Dh2.34, while Sorouh Real Estate was up 2.35 per cent to Dh2.22.

Market News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

Most Viewed Companies
Ticker Price Volume
RIBL 34.89 728,914
ADIB 6.8 2,115,877
SECO 14.87 5,329,459
GFH 0.21
DARALARKAN 12.08 13,082,278
DIC 3.91 13,158,942
NBAD 14.9 493,665
Recent News

Inflation in Consumer Price Index
Inflation Rate in the Emirate of Dubai rise to record 2.59% in the First Quarter of 2014 compared to the same period of 2013. This is due to an increase in the prices of goods and services as follows

NBK well positioned to take advantage of new business opportunities
Moody’s Investors Service said that National Bank of Kuwait (NBK) is well positioned to take advantage of new business opportunities as the Kuwaiti government’s development plan begins to gain tracti

Green bond market in 2014 set to exceed 2013
Laying out the landscape for green financing in a session titled Private Financing for the Green Economy, Zoe Knight, Head of Climate Change Centre of Excellence at HSBC, remarked, “The green bond ma

Commercial Bank of Dubai signs MoU with Hamriyah Free Zone Authority
Dr. Rashid Al Leem, Director General Sharjah Department of Seaports & Customs and Sharjah Free Zones Authority, and CBD Deputy General Manager-Head of Commercial Banking Abdul Rahim Abdul Aziz Al Nim

Emirates NBD Research: UAE CPI - Inflation ticks steadily higher
“Surprisingly, ‘furnishing & household equipment’ prices jumped nearly 1.0 per cent m/m (3.6 per cent y/y) in March, and over the whole of Q1 2014 this component of the CPI has seen the biggest price

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Are you satisfied with your full-service broker?