Deyaar makes up ground
The Dubai Financial Market (DFM) rose yesterday, lifted by Deyaar Development, as retail investors bought up shares regarded as undervalued.
"Deyaar is catching up with other property and construction companies that have performed well over the past few consecutive sessions," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai.
Deyaar jumped 6.6 per cent to 33 fils on the DFM General Index.
The index, which rose 1.1 per cent to 1,546.21 points yesterday, has gained 4.4 per cent so far this week as investors build up holdings in companies such as Emaar Properties and Arabtec Holding amid anticipation that second-quarter results will exceed expectations.
Emaar gained 0.9 per cent to Dh3.30 yesterday, adding to its 8.5 per cent gain this week, while Arabtec Holding jumped 2 per cent to Dh3.03, bringing its total weekly gain to 7.4 per cent.
Trading activity was muted on the Abu Dhabi Securities Exchange (ADX) General Index amid a lack of interest from investors.
Six shares advanced, six declined, 13 were unchanged and 41 were untraded. The ADX was little changed, down 0.04 per cent, to 2,463.62.
Elsewhere in the region: Kuwait's measure fell 0.3 per cent to 5,837.74; Bahrain's index fell 0.2 per cent to 1,113.88; Oman's MSM 30 Index fell 0.6 per cent to 5,469.99; Qatar's QE Index added 0.1 per cent to 8,328.71.
The Saudi Tadawul All-Share Index gained 0.6 per cent to 6,628.26.