Shares in Dubai had their best trading day since late February, with retail investors returning to market on the back of stable oil prices and global equity gains.
Asian shares began the quarter in positive mood, with all major indices ending in positive territory. And the Euro Stoxx opened higher before shedding gains, with US futures markets pointing to a positive open.
Brent crude futures traded up by about 1.5 per cent at US$53.58 per barrel in the late afternoon on signs that global stockpiles are declining.
The Dubai Financial Market General Index closed up by 1.4 per cent at 3,539.33, its highest level in four weeks.
“There’s a lot of positive sentiment among retail investors, with an uptick in retail-friendly stocks such as Arabtec and Deyaar,” said Julian Bruce, EFG Hermes’ head of institutional trading in Dubai. “After a fairly inactive March people are taking a fresh look at the market and entering new positions.”
Arabtec Holding was up by 2.4 per cent yesterday, while Deyaar Development rose by 2.5 per cent.
In the capital, the Abu Dhabi Securities Exchange General Index gained 0.4 per cent at the close, to 4,466.64, thanks to gains by Etisalat and Aldar Properties.
Shares in Taqa surged for a second consecutive day, on speculation that the Abu Dhabi Government will step in to support the energy company following last week’s announcement of a Dh19 billion loss for 2016. The company’s shares rose by 9.6 per cent to 57 fils apiece yesterday, taking gains for the week so far to just under 24 per cent.
In Saudi Arabia, the Tadawul ended down 0.3 per cent, as bank stocks edged lower.
jeverington@thenational.ae
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MATCH INFO
Alaves 1 (Perez 65' pen)
Real Madrid 2 (Ramos 52', Carvajal 69')
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If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
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