Property and construction stocks build hopes of a bull market in UAE

Markets Update: Dubai shares rally ahead of the beginnings of a bull market - with video.

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Investors traded property and construction names in the latest leg up in the stock market rally.

In Dubai, Union Properties surged 9.2 per cent to 41 fils a share. Deyaar Development rose 4.8 per cent to 31 fils. Emaar Properties added 1.7 per cent to Dh3.42. Arabtec Holding, Dubai's biggest contractor, gained 1.3 per cent to Dh1.56 a share.

The Dubai Financial Market General Index rose 1.1 per cent to 1641.35 points crossing the 20 per cent mark from this year's lows that some investors consider as the beginning of a bull market. The index reached a low of 1352.24 on Mar 3.

"The market is now in the process of recovering from the sell-off spurred by the unrest in the region," said Julian Bruce, the head of equity sales at EFG-Hermes in Dubai.

The Abu Dhabi Securities Exchange General Index was up 0.4 per cent to 2689.56.

Elsewhere in the region, Kuwait's index lost 0.5 per cent to 6355.40. Bahrain's measure was unchanged at 1412.64. Oman's benchmark lost 0.1 per cent to 6385.44. Qatar's index was unchanged at 8773.65. The Saudi Tadawul All-Share Index was unchanged at 6604.97.

halsayegh@thenational.ae