Property rebound boosts UAE bourses
UAE markets closed in positive territory as a rebound in property stocks pushed shares higher, but an air of caution still hangs.
Arabtec and Emaar Properties, the builder of the world's tallest building, were some of the most actively traded stocks on the Dubai exchange and rose 0.5 per cent to Dh1.92 and 1.3 per cent to Dh3.76 respectively.
In Abu Dhabi, the property sector also enjoyed renewed positive investor sentiment and Sorouh increased 1.21 per cent to Dh1.67. Shares in Rak Properties gained 2.13 per cent to Dh0.48.
But Arkan Building Materials bucked the trend and lost 2.9 per cent to Dh2.01. It has fallen 12 per cent since the beginning of November.
The Dubai Financial Market (DFM) General Index rose 0.5 per cent to 1,711.27 points and the Abu Dhabi Securities Exchange Index slipped 0.08 per cent to 2,740.46 points.
"Investors are unwilling to commit fresh funds now we're approaching year end and…whilst we await any further developments on Dubai Holding debt restructuring," said Julian Bruce, the director of equity sales at EFG.
He said the focus for MENA investors remains in Egypt, Qatar and Saudi, and has left UAE markets overlooked in the absence of a positive catalyst.
The Saudi Tadawul All-Share Index rose 0.3 per cent to 6,382.56.
Qatar is up 1.02 per cent to 8,273.07.
But all other exchanges in the region closed down. Kuwait fell 0.05 per cent to 6,964.40; Bahrain dropped 0.4 per cent to 1,452.12 and Oman lost 0.09 per cent to 6,595.75.
Published: November 22, 2010 04:00 AM