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Aldar excels at the finish

Gulf markets largely ended higher after a better than expected finish on Egypt's market and gains on global equities

Bellwether stocks in Dubai and Abu Dhabi ended the week on a high note yesterday as global equities helped to strengthen the market.

Aldar Properties, the Abu Dhabi developer, was one of the top performers as its share price advanced 4 per cent to Dh1.55.

It was the most heavily traded stock on the Abu Dhabi Securities Exchange (ADX), with nearly 37 million shares changing hands.

Sentiment was also somewhat buoyed by a better-than-expected performance in the Egyptian market, which ended up 0.9 per cent to 812.576 points on institutional buying.

The bourse resumed trading two days before a deadline that could have led to its removal from the MSCI Emerging Markets Index, which is tracked by fund managers internationally and helps to direct foreign investment into the country.

The Dubai Financial Market General Index rose 1.5 per cent to 1,552.81 points and the ADX General Index edged 0.2 per cent higher to 2,632.95.

Amjad Bakir, the trading manager at Menacorp Alternative Investments, said the sentiment from Egypt had already been absorbed in local markets.

"We're following the international markets and they're up, but we are reaching the point when [investors will] start booking profits," Mr Bakir said.

Elsewhere in the region: Oman's market ended marginally higher at 6,402.27; Bahrain's measure closed 0.3 per cent up at 1,422.57; Kuwait's index slipped 0.2 per cent to 6,285.00; and Qatar's bourse closed up 0.2 per cent at 8,307.85.

Saudi Arabia's market is closed for the weekend.

 

fhalime@thenational.ae

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