Emaar Properties PJSC advanced the most in two months as its Indian joint venture got approval for a share sale. Emaar shares climbed six per cent to Dh3.17, the highest rise since January 3.
India’s capital market regulator approved a plan by Emaar MGF Land Limited to sell shares in an initial public offering. The company said its board will consider an “opportune time” for the sale.
Arabtec Holding climbed 3.9 per cent to Dh2.16 after its chief finance officer was quoted by a newswire as saying the builder’s $ 1.7 billion stake sale to Aabar Investments would be completed in April.
Dubai Financial Market General Index rose 2.33 per cent, the most since January 25, to 1,621.73 points, and trading volume hit a three-week high to 166.75 million shares. Out of 30 stocks traded yesterday, 24 posted gains, three remained unchanged and three declined as the shares worth Dh279.37 million were traded on the exchange.
“It’s a technical rebound after the market had been bearish for a while,” said Vyas Jayabhanu, head of investments, Al Dhafra Financial Broker. But he added that a recent rise in oil prices has also helped improve market sentiment.
“Oil above $ 80 is a positive factor and the market seems optimistic that something positive from Dubai World will come in,” added Jayabhanu.
Musa Haddad, head of MENA equity desk at National Bank of Abu Dhabi, said the DMFGI seems to have formed a new support which could lead to further gains. “The index holding above 1,615-point barrier is a bullish signal,” he said.
Technical analysts said Emaar which is undergoing a corrective bounce towards Dh3.30 will help lift the whole market.
Banks lead Abu Dhabi Up
In Abu Dhabi, explorer and producer Dana Gas PJSC gained after announcing two gas discoveries in Egypt. Its share price increased 3.7 per cent to Dh0.84, the highest since January 5.
But overall banks lead the Abu Dhabi Securities Exchange’s General Index to its highest close in nearly two weeks, tracking gains in other Gulf Arab bourses as global sentiment rose. The benchmark index climbed, 20.46 points, or 0.75 per cent, to 2,747.29 points, its highest finish since February 23.
