DUBAI // A late rally in construction and property stocks yesterday helped the Dubai index lead the gainers among regional equity markets. Arabtec, the UAE contracting firm that was among the major losers on Tuesday, advanced 2.6 per cent to Dh2.14. It was followed by the blue-chip Emaar Properties, which ended up 1.8 per cent to Dh3.38. The Middle East's largest courier firm, Aramex, gained 4.4 per cent on modest volume.
The Dubai Financial Market General Index advanced 0.9 per cent to 1,677.09. "Basically we are seeing the continuation of the patterns from last week," said Ayman el Saheb, the head of operations at Darahem Financial Brokerage in Dubai. Buying interest came largely from retail investors tempted by lower valuations. "There is zero good news and no other reason for investors to return to the trading floor," Mr el Saheb said.
Trading in Abu Dhabi remained range-bound on slim trade volumes. The Abu Dhabi Securities Exchange General Index retreated slightly to 2653.78. Banking and construction stocks weight heavy on the index. Abu Dhabi Islamic Bank declined 1.8 per cent to Dh2.72 yesterday, while National Bank of Abu Dhabi closed down 1.3 per cent at Dh11.20. The biggest loser of the day was Abu Dhabi Aviation, which fell 9.9 per cent.
In the regional, the Muscat market closed 0.6 per cent lower, the Qatar index eased 0.1 per cent and the Bahrain bourse also retreated 0.1 per cent. The Kuwait index rose 0.7 per cent and Saudi Arabia's Tadawul All Share Index closed 0.2 per cent higher. The Saudi index was helped by gains in banking and petrochemical stocks. @Email:skhan@thenational.ae