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DFM rises on Air Arabia upgrade
DUBAI — Dubai stocks rose a second time this week as HSBC Holdings Plc raised Air Arabia PJSC to “overweight” and global stocks gained after a Spanish bond sale eased concern the government will struggle to finance its deficit.
Air Arabia, the United Arab Emirates’ biggest low-cost carrier, climbed the most in two weeks. Emaar Properties PJSC, the developer of the world’s tallest skyscraper, increased one per cent to Dh3.04. The DFM General Index rose 0.8 per cent to 1,500.25 points, paring the drop for the week to 0.9 per cent. Abu Dhabi’s ADX General Index fell 0.2 per cent.
In the absence of bigger catalysts, “any positive news that investors catch on to, such as the upgrade of a stock, they will trade off of, but not with too much conviction,” said Saud Masud, a Dubai-based analyst at UBS AG. “From a UAE market perspective you need the global market to recover.”
European stocks rose for a seventh day, the longest stretch of gains since September, after Spain sold $4.3 billion of bonds and BP surged as it scrapped dividends and pledged asset sales. U.S. futures advanced and most Asian stock markets rose. The MSCI World Index rose for an eighth day, the longest winning streak in almost a year. Oil traded near a six-week high at $77.05 a barrel at 4:33 p.m. in Dubai.
Air Arabia increased 2.4 per cent, the most since June 3, to 84 fils. The company with the sixth heaviest weighting on Dubai’s benchmark index was raised from “neutral” and assigned a 12-month price estimate of Dh1.1 at HSBC.
Kuwait’s index advanced 0.6 per cent, the most in more than a week, to 6,583.1. Qatar’s QE Index dropped 0.3 per cent while Bahrain’s gauge advanced 0.2 per cent. Saudi Arabia’s market was closed for the weekend.—
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