x Abu Dhabi, UAEThursday 27 July 2017

DFM rises on strength of oil and global stock rebound

Dubai shares rise on higher oil and rebound in stocks globally.

Emaar Properties rose 1.2 per cent to Dh3.20 a share. Randi Sokoloff / The National
Emaar Properties rose 1.2 per cent to Dh3.20 a share. Randi Sokoloff / The National

Dubai shares rose yesterday as oil prices ticked higher and stocks rebounded globally on strong earnings.

"There is light domestic news overall for the UAE. The focus is on externalities, predominantly international and commodity news," said Anastasios Dalgiannakis, a trader at Mubasher Financial Services in Dubai.

Emaar Properties, the region's biggest developer, rose 1.2 per cent to Dh3.20 a share.

Deyaar Development added 3.6 per cent to 31 fils a share. Union Properties advanced 4.6 per cent to 43 fils.

The Dubai Financial Market (DFM) General Index added 0.7 per cent to 1,589.73.

US stock futures rose after the computing maker Dell beat earnings expectations and as investors awaited the minutes of the latest policy committee meeting at the US Federal Reserve.

Futures on the Dow Jones Industrial Average rose 26 points to 12,453. European and Asian shares rose for the first time in five days.

Crude for delivery next month gained for the first time in three days, advancing as much as 2 per cent to $98.80 a barrel in electronic trading on the New York Mercantile Exchange.

The Abu Dhabi Securities Exchange General Index added 0.3 per cent to 2,659.70.

Ras al Khaimah Cement rose 5 per cent to Dh1.04 a share. Aldar Properties was unchanged at Dh1.44. Dana Gas added 1.5 per cent to 67 fils a share.

halsayegh@thenational.ae