Shares extend advance

Aabar Investments again led gainers yesterday as UAE markets showed signs of a short-term rally.

Aabar  Investments has a stake at Virgin Galactic.
Powered by automated translation

Aabar Investments again led gainers yesterday as UAE markets showed signs of a short-term rally. The Dubai Financial Market General Index added 0.5 per cent to 1,551.19. Emaar Properties, the largest company on the index, added 1.2 per cent to Dh3.33. Drake & Scull retreated 0.4 per cent to Dh0.81, after the engineering company's chief executive was quoted as saying it has Dh700 million on hand for acquisitions. Separately, its chief financial officer said he sees the current quarter's results exceeding those of the previous one.

The Abu Dhabi Securities Exchange General Index edged 0.3 per cent higher to 2,551.39. But analysts did not expect the bourses to sustain the momentum. "It's a continuity of the rebound we saw last Sunday. It is more of a technical rally than a fundamental one," said Mohammed Ali Yasin, the chief executive of Shuaa Securities. Aabar Investments surged 4.7 per cent to Dh1.76, the second consecutive day of gains since the firm announced that it would hold a meeting today to consider delisting from the exchange.

Dana Gas rose to a three-week high, before closing up 2.9 per cent at Dh0.71, as it announced plans to buy back shares. National Bank of Abu Dhabi eased 0.4 per cent lower to Dh10.80 after it issued a five-year sukuk totalling 500 million Malaysian ringgit yesterday. Elsewhere in the region, Bahrain's measure added 0.4 per cent to 1,413.19, while Oman's bourse shed 0.6 per cent to 6,173.33. Qatar's index dropped 0.2 per cent to 7,072.08 and Kuwait's gauge fell 0.3 per cent to 6,653.00. The Saudi Tadawul All-Share Index fell 0.3 per cent to 6,343.47.

@Email:halsayegh@thenational.ae