Abu Dhabi's index makes its largest advance for more than eight months.
Abu Dhabi shares in biggest gain since March
Abu Dhabi's index makes its largest advance for more than eight months as banks and property stocks make near-maximum gains on speculation that some of Dubai's immediate debt problems will be resolved. Abu Dhabi Commercial Bank rises 9.9 percent and Aldar Properties adds 10 percent. The index climbs 4.5 percent to 2,614 points, its largest one-day gain since March 24. "Prices are so distorted right now; we are in a technical rebound," says Haissam Arabi chief executive at Gulfmena Alternative Investments.
"Tomorrow is a big day, until we get some clarity (about Dubai's debt) there will be no real trend. The main catalyst we are waiting for is Nakheel news." Dubai World unit Nakheel's $3.5 billion sukuk is due to mature on Monday. Dubai's index climbs 3.3 percent to 1,695 points, taking its gains to 10.6 percent since Emaar Properties called off the merger with three Dubai Holding units after market hours on Wednesday.
Emaar surges 6.8 percent as nine stocks rise by 5 percent or more. "From the perspective of selective buying, some stocks such as Etisalat, Aramex and Air Arabia did not deserve to go down; hopefully we will see some discrimination on the way up," adds Mr Arabi. *Reuters