Nakheel's restructuring plans provided reassurance to investors.
Arabtec shares lead DFM higher
Arabtec Holding led Dubai's main bourse higher on the week's last day of trading after Nakheel's restructuring plans provided reassurance to investors. The Dubai Financial Market General Index increased 1 per cent to 1,520.20. Nakheel presented its debt restructuring offer to financial creditors on Wednesday, and it was generally positively received. Arabtec, a contractor to which Nakheel owes a considerable but undisclosed sum, closed up 6 per cent at Dh1.84 a share yesterday.
"The announcement that Nakheel is finalising its restructuring is helping sentiment, and retailers are picking up Arabtec at current levels in the belief the company's cash flows will now be better," Marwan Shurrab, the vice president and chief trader at Gulfmena Alternative Investments, told Reuters. The Abu Dhabi Securities Exchange General Index remained largely flat at 2,527.21, although the property sector suffered losses. Aldar Properties fell 0.7 per cent to Dh2.67. Sorouh Real Estate dipped 0.5 per cent to Dh1.76, while RAK Properties lost 2.6 per cent to 37 fils.
Qatar's measure dropped 0.7 per cent to 6,963, as Qatar Islamic Bank reported a net income of 301 million rials, a 35 per cent drop from the same period last year. Elsewhere in the region, Kuwait's measure dropped 0.4 per cent to 6,512.70, Bahrain's rose by 0.1 per cent to 1,392.13, and Oman's remained largely flat at 6,217.78. The Saudi Tadawul was closed. email@example.com