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Shares Rebound on Global Rallies, Higher Oil Prices
DUBAI - UAE shares rebounded on Tuesday, with Arabtec Holding and Emaar Properties pacing gainers in Dubai, as investors took their cue from rallies in global markets, while steadying oil prices helped spur buying.
The benchmark index of the Dubai Financial Market snapped a four-day losing streak, rising by 3.8 per cent to1,692.44, with property and construction-related stocks gaining 7.7 per cent. The main index of the Abu Dhabi Securities Exchange added 1.8 per cent to 2,606.50.
Arabtec Holding surged by 11.4 per cent to Dh0.25. Emaar Properties, the Middle East’s biggest property company, climbed by 8.3 per cent to Dh2.47. Emaar which vowed to complete the construction this year of Burj Dubai, the world’s tallest skyscraper, said it will also open this year, the Armani Hotel Dubai, its joint venture project with Giorgio Armani S.p.A . Emaar said it is carrying out a global recruitment drive to hire 600 hospitality professionals for the luxury hotel.
“It’s too soon to say that the recovery spin is taking shape. We need to see these gains being sustained for a couple more sessions without losing momentum to instill more confidence in the markets,” said Ayman el-Saheb, director of operations at Darahem Financial Brokerage.
While both bourses bounced back from recent losses, the combined trading value was still lacklustre at Dh563.18 million.
“The ferocity of the rally in the UAE today is a kneejerk bounce from the sharp recent sell-off. Essentially, nothing has changed and we still need tangible results to build ongoing strength in these markets. I don’t expect our markets to move on from here this week unless we get further catalysts from global markets,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG-Hermes.
Global stocks rebounded on Monday, led by financial shares on Wall Street on hopes of better second quarter corporate results. Crude oil for August delivery gained
$1.11 to $60.80 a barrel on the New York Mercantile Exchange, after falling to $59.69 a barrel on Monday, the lowest settlement since May 19.
Analysts said investors will continue to keep an eye on global markets while awaiting local companies to post quarter earnings.
The other big gainers include stock market operator Dubai Financial Market which surged by 7.4 per cent to Dh1.46. Dubai-based Deyaar Development which rose by 5.9 per cent to Dh0.25. Union Properties went up by 6.2 per cent to Dh0.86.
In Abu Dhabi, natural gas producer Dana Gas PJSC added 3.1 per cent to Dh1.02. Aabar Investments surged by 4 per cent to Dh1.82 on follow-through interest after buying 40 per cent of Daimler AG’s stake in Tesla Motors.
The emirate’s biggest property company Aldar Properties added 4 per cent to Dh3.40. Second-ranked Sorouh Real Estate, edged up by 4.3 percent to Dh2.44. Citihgroup kept its “buy” rating on Sorouh with a target price of Dh3.70.
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