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UAE Shares Buoyed by Property and Banks
DUBAI — Property and banking shares pulled up UAE bourses to end a choppy trading week in positive territory and helped Dubai snap out of a three-day slide.
The benchmark index of the Dubai Financial Market rose by 1.4 per cent to 1,813.70, led largely by property and construction related stocks. The index declined in three out of five sessions this week to lose 5.7 per cent lower from the previous trading week.
The main index of the Abu Dhabi Securities Exchange was up by a marginal 0.4 per cent to 2,798.04, but it was 2.4 per cent down from last week.
“There was some bottom-fishing and pre-Ramadan bargain shopping, with several stocks becoming attractive again after recent falls,” said Vyas Jayabhanu, head of investments at Al Dhafra Financial Brokerage.
The markets were also pushed higher by steadier oil prices which on Thursday hovered at the $72 a barrel level. New York’s main futures contract, light sweet crude for delivery in September, dropped 13 cents to $72.29 dollars a barrel, after rising to $72.42 on Wednesay on news of tumbling US crude inventories.
Brent North Sea crude for October delivery slipped 39 cents to $74.20 dollars in morning London trade.
Dubai index mover Emaar Properties, gained 2.7 per cent at Dh3.02. Construction heavyweight Arabtec Holding added 3.1 per cent to Dh2.68, while contracting and engineering company Drake & Scull International, climbed by 2.4 per cent to Dh0.85. Dubai stock market operator, Dubai Financial Market PJSC, surged by 4.2 per cent to Dh1.75.
Union Properties snapped a four-day losing streak, climbing by 2.3 per cent to Dh0.88 to recover some of its losses this week. The stock has piled up losses of 26.8 per cent since announcing a second quarter loss in the previous week.
Trading is expected to be choppy next week with UAE bourses continuing to track global equities, as there are no anticipated major local catalysts during the Muslim holy month of Ramadan, which starts either on Friday or Saturday. “We can expect to have spikes, either up or down with very low volumes as most fund managers and investors will be out of the market,” said Jayabhanu.
In Abu Dhabi, Aldar Properties, the emirate’s biggest property company, edged up by 3.7 per cent to Dh4.26. Second-ranked Sorouh Real Estate added 2.5 per cent to Dh2.87, while the smaller RAK Properties, gained 1.4 per cent to Dh0.71.
Aabar Investments which recently acquired a 32 per cent stake in Richard Branson’s Virgin Galactic space tourism venture for $280 million, rose by 2.4 per cent to Dh2.61.
rocel@khaleejtimes.com
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