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Dubai shares rise most in 3 weeks
DUBAI — Dubai’s benchmark index climbed the most in almost three weeks on reports that state-owned Dubai World’s talks with creditors to restructure terms of $24.8 billion of debt are progressing.
Drake & Scull International climbed the most in almost a month after HSBC Holdings Plc rated shares of the Dubai-based construction company “overweight.” Emaar Properties PJSC, the builder of the world’s tallest skyscraper, rose the most in almost three weeks. The DFM General Index increased 1.5 per cent, the most since April 11, to 1,739.88 after earlier losing as much as 0.5 per cent. The benchmark is down 0.9 per cent this week.
“The market is focusing on the fact that Dubai World continues to make progress with talks,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “The market is taking the media reports well because it needs progress and a conclusion, so that these matters can be priced in and then we move on.”
Dubai World is unlikely to change the terms of its debt restructuring, a local daily reported today, citing unidentified people close to the Dubai government.
United Arab Emirates lenders such as Abu Dhabi Commercial Bank PJSC and Emirates NBD PJSC could face losses and writedowns in the range of 25 per cent, while foreign banks like HSBC and Royal Bank of Scotland Group Plc may lose about 15 per cent, the Abu Dhabi-based newspaper cited a person close to the negotiations as saying. Drake & Scull rose 2.8 per cent, the most since April 1, to 88.3 fils. The company was rated “overweight” in new coverage with a price estimate of Dh1.20 at HSBC. Emaar climbed 3.2 per cent, the most since April 11, toDh 3.91. Bahrain’s measure added 0.7 per cent and Qatar’s gained less than 0.1 per cent. The Kuwait Stock Exchange Index advanced 0.2 per cent to the highest since April 19. Oman’s MSM30 Index increased 0.3 per cent and Abu Dhabi’s ADX General Index was little changed. Saudi Arabia’s Tadawul All Share Index was closed for the weekend.—
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