Damac Properties shares broke through the Dh3 barrier for the first time yesterday, boosting Dubai’s stock market to a new high for the year so far.
Damac shares ended trading up 11.8 per cent at Dh3.31, their highest level since its January listing. The developer is expected to announce improved results tomorrow, analysts said.
The Dubai Financial Market General Index erased losses from Sunday's trading, closing 1.8 per cent higher at 4,095.04.
“Investor confidence is returning to high levels,” said Tariq Qaqish, the head of asset management at Al Mal Capital in Dubai.
"We had the news yesterday about Dubai World's debt repayment and robust results from Mashreq and Etisalat, so there's high confidence."
Aramex and Emirates NBD were the other main blue chip gainers, closing up 5.5 per cent and 4.4 per cent, respectively.
In the capital, the Abu Dhabi Securities Exchange General Index closed up 0.7 per cent at 4,657.24.
Union National Bank, which reported record quarterly profit of Dh615 million, and Eshraq Properties were among the capital's main gainers, up 3.5 per cent and 1.0 per cent, respectively.
Dana Gas was the main loser of the day, closing down 4.1 per cent at 46 fils.
Elsewhere in the region, Saudi Arabia’s Tadawul ended down 0.3 per cent at 9,589.42, following a 4 per cent gain on Sunday on news that qualified investors would be able to invest in Saudi equities for the first time from mid-June.
jeverington@thenational.ae
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