Dubai shares swing back

17/08/2010 00:00 AST

Dubai shares posted gains for the first time in a week, aided by Emaar Properties reporting it had raised more than Dh330 million through the sale of a building.

The Dubai Financial Market General Index added 0.5 per cent to 1,473.71. Emaar, Dubai’s largest developer, gained 1.2 per cent to close at Dh3.16 after it said it sold an office building near the Burj Khalifa. Deyaar Development rose 0.6 per cent to 31 fils a share.

The Abu Dhabi Securities Exchange General Index moved up 0.3 per cent to 2,493.76.

“The market is practically dead right now. It’s the same old story of uncertain global markets and low summer and Ramadan trading,” Ahmad Shahin, an equities strategist at Shuaa Capital, told Reuters. “We are all just sitting and waiting for something to happen.”

Mr Shahin said a new initial public offering would help spark the market back into life but current conditions make it difficult for any company looking to float in the near term. “It’s a Catch 22 situation,” he said.

Aldar Properties, Abu Dhabi’s largest developer, added 1.4 per cent to close at Dh2.11 a share. Dana Gas, the region’s only listed gas explorer, lost 1.2 per cent to close at 77 fils a share yesterday.

Elsewhere, Kuwait’s measure lost 0.1 per cent to 6,647.80; Bahrain’s index added 0.2 per cent to 1,409.51; Oman’s bourse lost 0.4 per cent to 6,275.56; and Qatar’s measure gained 0.3 per cent to 7,042.19. The Saudi Tadawul All Share Index lost 0.2 per cent to 6,158.

The National