Local bourses on the up

Property and construction stocks pushed Dubai's benchmark higher yesterday as low valuations prompted buying.

Emaar Properties, the region's largest developer, rose 2 per cent to Dh2.55. Arabtec Holding, Dubai's biggest contractor, jumped 5.7 per cent to Dh1.65. Drake & Scull International, the emirate's second-biggest contractor, rose 2.3 per cent to 80 fils. The Dubai Financial Market General Index rose 0.6 per cent to 1,350.45.

"The markets are generally not expensive," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "We started the day without negative feelings or bad news, which was enough for markets to go higher."

Julphar led Abu Dhabi shares higher after the company on Monday said it was focusing on providing medical supplies to support the humanitarian crisis in Libya this year.

The company also started construction of a Dh500 million insulin plant in the summer. Julphar's shares rose 0.4 per cent to Dh2.24. Etisalat, which holds the largest weighting on the capital's index, rose 1.6 per cent to Dh9.27. The Abu Dhabi Securities Exchange General Index rose 0.5 per cent to 2,409.38.

Elsewhere in the region: Kuwait's index fell 0.1 per cent to 5,780.90; Bahrain's fell 0.3 per cent to 1,134.61; Oman's advanced 0.2 per cent to 5,721.81; Qatar's was up 1 per cent at 8,880.43; and the Saudi Tadawul All-Share Index rose 0.2 per cent to 6,413.88.

halsayegh@thenational.ae

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Expert input

If you had all the money in the world, what’s the one sneaker you would buy or create?

“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett

“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox

“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite

“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy

“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra

Local bourses on the up

Property and construction stocks lifted Dubai¿s benchmark higher yesterday as low valuations prompted buying activity.