The Dubai Financial Market General Index pushed through a level of technical resistance as it rose 0.3 per cent to 1,742
Banks push Dubai shares higher
Given the recent negative market sentiment in the UAE, sometimes even minor victories should be savoured. The Dubai Financial Market General Index pushed through a level of technical resistance as it rose 0.3 per cent to 1,742 yesterday, on a volume of 162.8 million shares. "Markets crossed the 1,740 level, which was an important minor resistance point to cross, helped by news that banks are closer to agreements on Dubai World restructuring," said Mohammed Ali Yassin, based in Abu Dhabi with Shuaa Securities. Simon Cooper, the Middle East chief executive for HSBC, said on Monday that Dubai World's debt restructuring proposal could be accepted in a few weeks.
In the day's trading, Emirates NBD rose 1 per cent to Dh2.98, while Abu Dhabi Commercial Bank rose 1.5 per cent to Dh1.92. Arabtec Construction was unchanged at Dh2.49 a share. Its shares led trading on the Dubai bourse as the company landed a Dh500 million contract from Damac Properties to build a residential project at Dubai Marina. The shares of Drake & Scull International jumped 2.8 per cent higher to 91 fils each. The Dubai construction engineering firm won two contracts in Oman worth Dh44.2m
The Abu Dhabi Securities Market General Index firmed 0.1 per cent to 2,800.32 on volume of 55.6 million shares. Etisalat's shares were unchanged at Dh10.70 each, but Mr Yassin said there were indications that someone is accumulating the stock after it hit Dh10.55 several days ago. Elsewhere in the region, the key measure in Bahrain fell 1.1 per cent to 1,572.37; Kuwait eased by 0.2 per cent to 7,251.50; Qatar's benchmark lost 0.1 per cent to 7,516.75; and Muscat's bourse advanced 0.1 per cent to 6,860.21. The Saudi Tadawul All-Share index closed 0.1 per cent higher at 6,903.73.