Dubai rises with FTSE boost
Dubai shares rose again on Sunday as foreign investors continued helping to lift local bourses in the final days of the third quarter. "The markets are doing very well. It is obvious that the liquidity has increased from outside and from foreigners largely as a result of the inclusion of UAE stocks into the FTSE Index," said Ameed Kanaan, the operations manager at Al Jazira Financial Services in Dubai.
The Dubai Financial Market (DFM) General Index advanced 1.6 per cent to 1,716.83. Emaar Properties, the developer of the Burj Khalifa, the world's tallest tower, was up 1.5 per cent to Dh3.83. The company told the Dubai bourse in a filing that its board of directors would meet today to discuss the company's performance. Shares of DFM Company rose 3.4 per cent to Dh1.81. Deyaar Development advanced 2.8 per cent to Dh0.33.
"Investors are positioning their portfolios ahead of the results and have a generally positive view of the quarter to come," Mr Kanaan said. The Abu Dhabi Securities Exchange General Index remained unchanged at 2,656.82. The capital's bourse has not experienced a surge to match Dubai's gains in volume and share prices since the inclusion last week of UAE companies in the FTSE Global Equity Index. Elsewhere in the region, Kuwait's measure dropped 0.2 per cent to 6,823.50, Bahrain's remained unchanged at 1,445.68, Oman's advanced 0.9 per cent to 6,512.23 and Qatar's rose 0.2 per cent to 7,686.31. The Saudi Tadawul All-Share Index inched up 0.1 per cent to 6,453.23.
Published: September 27, 2010 04:00 AM