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The Dubai Financial Market’s main index added 1.61 per cent to 1,463.94. The Abu Dhabi Securities Exchange benchmark index inched up 0.64 percent to 2,213.63.
“The markets appear to be on the road to more sustainable recovery after big losses in recent weeks,” said P. Krishnamurthy, CEO of Dubai International Securities, adding some investors are beginning to accumulate stocks with very attractive valuations.
He said investors have digested earnings reports and concluded that the numbers “weren’t too bad” considering that global economic activity hit the skids in the second half of last year.
has reported as bad as their current stock price suggested,” said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes. “If anything, rather than disappointing investors, they have served to put a near-term bottom in place and helped investors to make more informed investment decisions.”
Arabtec, the country’s largest construction firm which is expected to finish building the world’s tallest tower in
Arabtec shares which have plunged 60 per cent since January on a string of setbacks on its projects, added Dh1.02 or 14.6 per cent.
“Arabtec is regaining buying interest at these levels after yesterday’s results were good enough to highlight how oversold the stock is,” said Wakeman.
Property stocks in both bourses advanced more than 5 per cent.
In
Bigger banks were not spared as First Gulf Bank shed 3.12 per cent to Dh7.61 while Abu Dhabi Commercial Bank retreated 2.68 per cent to Dh1.46.
The slide in banks will only be for the near-term said Krishnamurthy.
“There will be new liquidity coming in place and this will eventually benefit banks which can start lending again. This new stimulus will help restore confidence in the markets.”
The
The brand's success is driven by its dedication to maintaining the highest standards of purity and efficacy in its products
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