UAE shares posted healthy gains on Wednesday, taking their cue from surging Asian bourses.
Japan’s Nikkei ended the day up 7.7 per cent, its highest one-day rise since the financial crisis of 2008, on expectations that the government will step up stimulus efforts to boost economic growth. Hong Kong’s Hang Seng closed up 4.1 per cent, while the Shanghai Composite Index rose 2.2 per cent.
Shares in Dubai gained 1.4 per cent at 3,626.00. Dubai Investments was among the main gainers, closing up 3.3 per cent at Dh2.45. DIB and Emaar Properties also rose 1.9 per cent and 0.63 per cent respectively.
Shares in Arabtec Holding were unchanged at Dh1.93, unmoved by reports on Tuesday that its project in Egypt for the construction of one million homes, at one point valued at US$40 billion, could be reduced to just 100,000 units.
The company has not issued any statement to the stock market concerning the reports, and has declined to comment on the matter.
In the capital, the Abu Dhabi Securities Exchange General Index surged 1.9 per cent at 4,501.55 – its highest close in nearly three weeks.
Etisalat was once again the main driver. The shares jumped 4.3 per cent to Dh14.35, their highest close since the end of July, ahead of the stock becoming available to foreign investors from Tuesday.
jeverington@thenational.ae
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