Dubai investors awoke from a deep slumber yesterday, pushing up the Dubai Financial Market General Index more than 3 per cent in heavy trading. Emaar Properties, the region's largest listed developer, soared 8.5 per cent to Dh3.30. Analysts said that after several weeks of lacklustre volumes, many buyers were lured back to the exchange by rumours of a major announcement, although it did not happen before the close of the market. The emirate's main index ended the day 3.1 per cent higher at 1,547.13. Arabtech rose 6 per cent to Dh1.94 and Drake and Scull added 4.9 per cent to 82 fils. Deyaar Development gained 2.9 per cent to 31 fils.
"There is not much room on the downside and the market was oversold. The bounce-back was expected but it was helped by rumours," said Chahir Hosni, the equity sales manager at EFG-Hermes in Dubai. "We have seen more interest from local institutions and some high net worth buyers in the market." Analysts said the international backdrop was improving and there was some confidence returning in global equities. But yesterday's movement could prove to be a short-term bounce without a stronger, clearer catalyst than mere rumours.
The Abu Dhabi Securities Exchange General Index rose 0.8 per cent to 2,536.02, with Aldar Properties gaining 4.6 per cent to Dh3.13. Sorouh Real Estate was up 1.5 per cent at Dh1.96 and Dana Gas closed 1.5 per cent higher at 67 fils. Elsewhere, Kuwait shares added 0.8 per cent. Qatar and Muscat closed 0.5 and 0.3 per cent higher respectively, while Bahrain closed marginally lower. The Saudi Tadawul All-Shares Index closed 1 per cent higher.
skhan@thenational.ae
