Dubai markets rally hits 3-month high

Dubai's market yesterday rose to its highest in three months in its seventh consecutive day of gains.

Dubai Investments, which owns stakes in more than 40 businesses, climbed 2.8 per cent to 96 fils, its highest since last October.

Deyaar Development, part-owned by Dubai Islamic Bank, advanced for a third day, by 2.8 per cent to 33 fils.

The Dubai Financial Market General Index added 0.3 per cent to 1,652.76, its highest since January 10. The Abu Dhabi Securities General Index closed up 0.4 per cent at 2,709.33.

The Egyptian bank EFG-Hermes was among the biggest losers on the Cairo stock market yesterday after a board member and its head of brokerage resigned.

The move was said to have been long planned but still hit the share price, which slipped 9.7 per cent to 17.69 pounds.

Egypt's benchmark EGX 30 fell 3.2 per cent to 4,956.00 points as investors remained edgy about companies that may have benefited from the former regime of Hosni Mubarak.

Shares in Citadel Capital also slumped nearly 9.4 per cent to 4.25 pounds on allegations it acquired a cement maker at a cheaper price from the former government, a charge the company denies.

Elsewhere in the region: Kuwait's index ended up 0.5 per cent at 6,375.10; Bahrain closed down 0.1 per cent at 1,403.22; Qatar was down almost 1 per cent at 8,645.17; and Muscat ended 0.1 per cent lower at 6,396.60.

Saudi Arabia's Tadawul All-Share Indexwas flat at 6,533.34.

fhalime@thenational.ae