Dubai stocks hit their highest level in over a month yesterday, thanks to strong gains by Emaar Properties.
Qatari stocks recovered some ground in thin trading, while Saudi stocks closed slightly higher.
The Dubai Financial Market General Index rose 1.2 per cent at 3,427.28, its highest level since early May.
Emaar Properties, the index’s heaviest weighted stock, climbed 3 per cent to its highest level in nearly two years.
“Dubai real estate stocks have de-rated in the past couple of years as the oil price fall has rippled into completed and off-plan real estate prices,” said Hasnain Malik, the head of global equities research at Exotix Partners in Dubai.
“This has left these stocks, such as local bellwether Emaar Properties, cheaply valued on price/book versus history.”
Dubai Investments and DIB were the index’s other main gainers, rising 2.4 per cent and 0.9 per cent respectively.
Shares in Abu Dhabi ended up 0.3 per cent at 4,511.28, with Dana Gas shares once again dominating trading.
The energy firm’s shares, which accounted for two thirds of total trades, were unchanged at 60 fils.
Aldar Properties was the pick of 12 gainers, rising 4.4 per cent to Dh2.35.
In Doha, the Qatar Exchange closed up 0.8 per cent in thin trading as Qatari institutions and retail investors propped up shares. Qatar Insurance and Ooredoo led gains, even as GCC and foreign institutions remained net sellers on the day.
In Saudi Arabia, the Tadawul ended a quiet day 0.2 per cent higher, with gains by NCB and Banque Saudi Fransi cancelling out falls by Al Rajhi Bank and Dar Al Arkan.
jeverington@thenational.ae
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