The Dubai Financial Market rallied yesterday as retail investors bought up small-cap stocks.
Deyaar Development rose 14.7 per cent to 27 fils. Union Properties jumped 15 per cent, its maximum one-day price movement, to 35 fils.
The DFM General Index rose 2.1 per cent to 1,521.56. Traded value reached Dh381 million, compared with a daily traded average of Dh161m, and a stark contrast with Dh128m last year.
"It's very speculative. This is the second tier of stocks that are beginning to rally," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi. "We already saw a decent run in big caps with the likes of Emaar Properties and Arabtec Holding."
Earlier Drake & Scull International said full-year profit increased 36 per cent, beating analyst expectations. The contractor's stock rose 1.1 per cent to 97 fils after net income reached Dh220m last year. Analysts polled by Bloomberg News had expected DSI to report a profit of Dh207m. Other property and construction stocks also surged amid speculation about strong fourth-quarter results.
"This is UAE and GCC high-net-worth individuals that are driving the market," said Anastasios Dalgiannakis, the head of trading at Mubasher Financial Services in Dubai. "The retail investor is much more confident and taking more risks as well, while foreign participation remains subdued."
The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 2,466.03.
Elsewhere in the region: Kuwait's index rose 0.7 per cent to 5,946.00; Bahrain's measure gained 0.3 per cent to 1,143.11; Oman's MSM 30 Index slipped 0.3 per cent to 5,589.07; and Qatar's QE Index was little changed at 8,694.77. The Saudi Tadawul All-Share Index rose 0.4 per cent to 6,831.56.
halsayegh@thenational.ae
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
