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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.
The stock markets in the UAE and GCC were in a tug-of-war state as investors weighed positive news on the economic front and a ‘catastrophic’ overnight explosion in Lebanon that killed at least 100.<
GCC equity markets staged a strong recovery in the latter part of 2Q20, reversing a large part of the prior losses induced by the coronavirus and its associated lockdowns and restrictions. The recove
The MSM 30 Index closed the week up by 0.12 per cent despite lower volume and turnover as compared to the previous week. Shariah index was down by 0.07 per cent. The turnover and volumes were lower t
Oman Daily Observer
Abu Dhabi Securities Exchange (ADX) announced on Tuesday that it has listed $4 billion Fixed Rate Notes issued by MDGH GMTN B.V. and guaranteed by Mamoura Diversified Global Holding (MDGH).
The Gulf Today
Leading UAE banks have come to the bond market, and they are getting a warm response. Sharjah Islamic Bank priced its $500 million 5-year sukuk at LIBOR plus 285 bps, and received more than $3.4 bil