Dubai shares posted their biggest gain in more than seven weeks yesterday, ahead of index compiler MSCI’s annual market classification review.
Arabtec Holding had a late surge as investors injected money into property stocks taking the volume to its highest one-day level since mid-January.
The construction company’s shares closed up 13.4 per cent at Dh2.61 – their highest one-day gain in nearly six months.
“It looks like someone, perhaps technical speculators, decided to inject liquidity late in the session to basically give an adrenaline shot to the market to get it moving upwards,” said Mohammed Ali Yasin, the managing director at NBAD Securities. “It certainly seems to have worked.”
The Dubai Financial Market General Index closed up 2.4 per cent at 4,113.93.
The benefit was also shared by other real estate equities. Union Properties jumped 5.2 per cent at Dh1.20, while Deyaar Development rose 4.6 per cent to 82.7 fils.
The giddying rise of Amlak Finance continued unabated. The Islamic mortgage lender's shares closed up at their maximum limit for the fourth seassion in a row, rising 14.6 per cent at Dh2.03.
Amlak's shares have nearly doubled in value since they resumed trading last Tuesday.
In the capital, the Abu Dhabi Securities Exchange General Index closed up 0.4 per cent at 4,583.70.
Abu Dhabi National Hotels, the company behind hotels including Park Hyatt Abu Dhabi and the Sofitel Jumeirah Beach Hotel in Dubai, was the clear winner of the day, ending up 14.6 per cent at Dh2.89.
jeverington@thenational.ae
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