The Dubai Financial Market made small gains yesterday, as investors weighed current valuations of companies against their earnings outlook.
Confidence bears fruit for markets
The Dubai Financial Market (DFM) made small gains yesterday, as investors weighed current valuations of companies against their earnings outlook.
Emaar Properties rose 1.7 per cent to Dh2.94.
"Today's performance is a result of an oversold situation and the market reaching strong support levels," said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai.
"There has been a lot of confidence built in this year backed by solid economic growth, better liquidity in the banking sector and bottoming of real estate in Dubai."
Arabtec Holding rose 0.3 per cent to Dh2.92 after the emirate's biggest contractor confirmed that Aabar Investments, an Abu Dhabi state-owned fund, had a 20.93 per cent holding in the company as of Monday. The DFM General Index rose 0.3 per cent to 1,486.36 points.
Trading was mixed on the Abu Dhabi Securities Exchange (ADX), with gains led by insurance companies and losses by property companies.
Al Khazna Insurance rose 8.7 per cent to 75 fils a share. National Takaful, also known as Watania, rose 8.2 per cent to Dh1.19. Methaq Takaful rose 7 per cent to Dh1.10.
By contrast, Aldar Properties lost 1.9 per cent to Dh1.02. The ADX General Index was little changed at 2,473.32.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 6,441.35; Bahrain's measure was little changed at 1,155.85; Oman's measure lost 1.1 per cent to 5,587.14; Qatar's benchmark was little changed at 8,491.32. The Saudi Tadawul All-Share Index moved 0.51 per cent cent to 7,104.24.
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