Shares Surge as Buyers Go on Buying Spree


24/03/2009 00:00 AST  Khaleej Times

UAE shares advanced Monday on rising investor confidence, with buyers hopeful that a stream of financial stimulus measures will begin to revive faltering economies.

Investment company Aabar Investment paced gainers in Abu Dhabi, rising 3.98 per cent to Dh1.79 after Aabar said that Abu Dhabi’s government-owned International Petroleum Investment Co. had completed an acquisition of Aabar convertible bonds worth Dh5.2 billion. This acquisition came one day after Abu Dhabi-based Aabar acquired a 9.1 per cent stake in Daimler AG, making it the biggest shareholder in the struggling German car-maker.

The Dubai Financial Market benchmark rose 1.07 per cent to 1,558.00, led by property issues, which edged up 3.46 per cent. The main index of the Abu Dhabi Securities Exchange inched up 0.41 per cent to 2,424.80.

“There is increased concurrence among investors and analysts that current stimulus and quantitative easing measures in Western economies will start to deliver results and spark the first glimmers of recovery this year,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG-Hermes.

Investors now have a two-pronged rationale for buying, said Wakeman.

“The first is the ongoing speculation about stimulus and cash injections on a global and domestic level, and the second is first quarter results.”

The Dubai bourse will be testing a new resistance level of between 1560 and 1580, said Hesham Bakry, institutional sales manager at Al Futtaim HC Securities.

“An upward channel in the coming days will confirm that investor confidence is improving and investors are more keen on taking risks,” he said.

Index heavyweight Emaar Properties jumped 4.78 per cent to Dh2.19. Shares in Sharjah-based budget airline Air Arabia edged up 5.15 per cent to Dh1.02.

“Both stocks lagged in recent market rallies and are playing catch-up, “ Bakry said. Arabtec Holding, the country’s biggest construction company, edged up 1.21 per cent to Dh1.66. The company said earlier it was ahead of schedule on its Dh638 million property project in Dubai Marina. The Commercial Bank of Dubai added 2.35 per cent to Dh4.35.

Abu Dhabi stocks also showed strength, with Arkan Building Materials Co. rising 9.85 per cent to Dh5.02.

International Petroleum Investment’s conversion of Aabar convertible bonds into ordinary shares, at Dh3 per share, raises its stake in Aabar to 71 per cent. Abu Dhabi National Energy Co. jumped 6.51 per cent to Dh1.80 on follow-through interest after the company said on Sunday it had paid $320 million for half of Marubeni Corp.’s Carribbean power portfolio. ?

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

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT
Most Viewed Companies
Ticker Price Volume
RIBL 21.02 1,298,840
SPIMACO 50.75 187,448
EMAAR 11.7 18,297,984
EEC 90.02 730,935
MESC 19.11 523,598
WALAA 34.19 967,506
SAGRINSURANCE 48.77 291,386
Recent News

EUR/USD trims losses on soft U.S. factory gauge
In U.S. trading, EUR/USD was down 0.25% at 1.2598, up from a session low of 1.2584 and off a high of 1.2639.

The pair was likely to find support at 1.2570, Tuesday's low, and resistance at 1

EUR/GBP A Reliable Short Term Put
The Euro has been falling steadily against the Pound since early in the month. While there have been minor gains, they have consistently been lost within a day. However, the pair is unlikely to fall

FOREX-Dollar tumbles from six-year high vs yen as U.S. yields slide
The dollar dropped from six-year highs against the yen on Wednesday, weighed down by a fall in U.S. Treasury debt yields amid weakness in global stocks.

Investors also booked profits on lo

EXNESS posts record Forex trading volumes of $191 billion in September
Russian retail FX firm EXNESS strengthens the industry’s return to form by reporting record volumes in September, higher than any time since its establishment

Russian retail Forex broker E

Monthly Forex Preview for October 2014
The month of September saw the Central Banks take center stage across the board and also saw quite a bit of Central bank intervention in the currency markets, especially the Australian and the New Ze

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

Poll

Which of the following do you think is the best long-term investment?