Dubai stocks gain despite oil falling to $65 a barrel

11/05/2015 01:03 AST

Shares in Dubai on Sunday ended in positive territory despite a slip in oil prices at the end of last week.

On a quiet day of trading, the Dubai Financial Market General Index rose 1.07 per cent to 4,147.28 – the highest close of the month so far.

Shares rose despite Brent crude falling to $65.39 per barrel on Friday, after rising to within touching distance of $70 earlier in the week.

Dubai’s headline index was boosted by solid gains by blue chips including Arabtec Holding and Emaar Properties, which ended the day up 3.8 per cent and 2.3 per cent respectively.

Shares in Tabreed continued to rise after last week’s announcement that the company planned to buy back about 28 per cent of mandatory convertible bonds currently held by its largest shareholder Mubadala.

The cooling company’s shares ended up 9.2 per cent at Dh1.53.

Stocks in the capital posted more modest gains, with the Abu Dhabi Financial Market General Index ending 0.4 per cent higher at 4,575.78.

Real estate stocks were the index’s big winners. Aldar Properties led the way with a gain of 3 per cent. Eshraq Properties and RAK Properties were not far behind, with gains of 2.2 per cent and 1.4 per cent respectively.


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