Authorities had sealed off the capital and blocked cellphone services to prevent former prime minister Khan's supporters from gathering
Dubai Financial Market, the bourse operator, Emaar Properties and Emirates NBD led the rally. Dubai Financial Market’s General Index, or DFMGI, climbed 2.8 per cent to its highest finish since January 11. Out of 27 stocks traded, 19 posted gains, while four remain unchanged as volume dropped to 319.29 million shares.
“People are still expecting something positive to come out of Dubai World,” said Chamel Fahmy, Beltone Financial regional senior sales trader.
Dubai World is restructuring about $26 billion in debts, with Dubai’s benchmark index down 15.2 per cent since the conglomerate made a shock standstill request in November. The DFMGI has gained 11 per cent this month as investors expect satisfactory repayment terms for Dubai World’s debt.
“I don’t think an announcement will trigger a profit-taking wave, because valuations are the most attractive in the region,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
Dubai Financial Market surged 6.32 per cent to Dh1.85. Emaar gained 4.9 per cent to Dh3.85 while Emirates NBD rose 4.6 per cent to Dh2.75, the highest close since January 13.
“It all depends on what the restructuring entails — if Dubai World offers a seven-year roll-over and full repayment, then this is already discounted in the market, but if there’s a government guarantee the market will fly,” Arabi said.
Abu Dhabi Securities Exchange’s General Index, or ADXGI, also followed the bullish trends of Dubai market and closed 0.91 per cent higher at 2,857.40 points. Out of 28 stocks traded on ADX, 20 posted gains and only seven declined as the exchange recorded 52.58 million trading volumes.
Abu Dhabi National Insurance Company and Abu Dhabi Commercial Bank rose 9.92 per cent and 5.56 per cent, respectively. On negative sides, Sharjah Islamic Bank declined 4.04 per cent to 0.95 fils and Abu Dhabi National Hotel dropped 3.12 per cent to Dh4.35.
The Saudi market recouped initial losses to edge up to a new 17-month high and is tipped to lead a rally in regional markets. Oman rose, but Qatar and Kuwait fell, with the latter weighed by a 5.1 per cent decline in Agility.
Kuwait’s index fell for a fourth day as Agility slumped to a six-week low. Zain climbed 1.5 per cent, equalling last week’s five-month high as the possible completion of its $9 billion African asset sale nears, with the board of buyer Bharti Airtel approving its offer on Saturday.
The Saudi index rose 0.3 per cent to its highest finish since October 6, 2008 and Arabi offered a bullish outlook for regional equities, with the kingdom’s index to outperform. In Qatar, Barwa Real Estate climbed 1.6 per cent after receiving regulatory approval for its takeover of Qatar Real Estate, or Alaqaria. The latter rose 1.5 per cent.
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