Dubai stocks find favour among investors

Markets Wrap: Investor appetite for Dubai stock returned yesterday, led by property and financial shares.

Emaar advanced 3.6 per cent to Dh4.81. Pawan Singh / The National

Investor appetite for Dubai stock returned yesterday, led by property and financial shares.

Emaar Properties, the developer behind Burj Khalifa, advanced 3.6 per cent to Dh4.81. About 207 million shares were traded, compared with the 73 million average in recent weeks.

"The story is that people are back in love with Dubai," said Sebastien Henin, a portfolio manager at The National Investor, an investment company in Abu Dhabi. "It's the hot spot to be right now."

Dubai Financial Market Company, the only bourse in the region to sell its shares to the public, jumped 2.4 per cent to Dh1.28.

"There are also some investors who missed the beginning of the rally and now don't want to miss more," said Mr Henin. "Those who were underweight are now ramping up their exposure. Foreign flows are also coming back to the country and targeting the blue chips."

The Dubai Financial Market General Index rose 1.7 per cent yesterday to close at 1,853.17 points. The index is up 14.2 per cent since the start of the month.

In the capital, Bank of Sharjah jumped 6.3 per cent to Dh1.50. Union National Bank rose 3.4 per cent to Dh3.60. Sorouh Real Estate advanced 2.3 per cent to Dh1.75.

The Abu Dhabi Securities Exchange General Index gained 1.1 per cent to close at 2,839.04.

Elsewhere in the region, Kuwait's benchmark added 0.4 per cent to 6,247.68; Oman's MSM 30 Index added 0.3 per cent to 5,836.40; Qatar's QE Index added 0.2 per cent to 8,689.69. The Saudi Tadawul All-Share Index gained 0.09 per cent to 7,027.81.