The highly anticipated 321 Festival, which features live entertainment, will take place at two locations from December 6-8
uae54 minutes ago
Emaar, which dominated trading in Dubai, surged by 3.5 per cent to Dh4.77. Telecommunications provider du, or Emirate Integrated Telecommunications Company, jumped by
4.8 per cent.
The benchmark index of the Dubai Financial Market clawed back from losses in early session to end 1.4 per cent higher at 2,323.52, with Dh1.2 billion worth of shares changing hands. The main index of the Abu Dhabi Securities Exchange shed nearly a per cent at 3,177.10.
“Investors were happy with oil prices, that brought back both local and foreign investors,” said Vyas Jayabhanu, head of investments at Al Dhafra Financial Brokerage in Abu Dhabi, adding that “if the markets touch the levels they held last week, we can expect more buying.” Crude oil prices on Monday touched a new high for 2009 as the US dollar weakened, with US crude rising 52 cents to $79.05 a barrel in early trading before settling at $78.78, up 25 cents from Friday’s close. Oil prices surged last week, as encouraging United States bank results fuelled optimism for the global economy.
Arabtec Holding added 2.3 per cent to Dh3.58. Stock market operator Dubai Financial Market PJSC edged up by 2.7 per cent to Dh2.63. “There is a strong buying momentum in the markets as we didn’t see a major profit-taking after last week’s gains. Investors are also not expecting major surprises from companies, most anticipate earnings to be well within estimates, but better-than-expected results, especially from real estate and banks, will provide more upside for stocks,” said Samer Al Jaouni, general manager at the Middle East Financial Brokerage. UAE shares last week rose as investors speculated ahead of the third quarter earnings season, with Dubai gaining 2.3 per cent and Abu Dhabi rising by 1.5 per cent from the previous trading week. — rocel@khaleejtimes.com
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