Dubai traders came to life yesterday in advance of the Eid al Fitr holiday, pushing shares to their highest level in two months.
DFM shows new vigour as Eid al Fitr draws near
Dubai traders came to life yesterday in advance of the Eid al Fitr holiday, pushing shares to their highest level in two months. The Dubai Financial Market General Index rose 2 per cent to 1,568.88. "The markets are doing fantastic. We are getting busy again," said Saad al Chalabi, an institutional trader at AlRamz Securities in Abu Dhabi. But the good vibes will soon be put on ice: the Emirates Securities and Commodities Authority announced that from the end of trading today, both UAE markets will remain closed until the fourth of Shawwal, the month after Ramadan on the Islamic calendar. What day of the week the fourth of Shawwal will be is dependent on when the end of Ramadan is formally declared.
Emaar Properties, Dubai's largest developer, rose 3.1 per cent to close at Dh3.61 a share, its highest price since May 24, on volume of 51.7 million shares. Arabtec Holding rose 4.6 per cent to close at Dh1.80, and DFM Company surged 5.2 per cent to close at Dh1.60. The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 2,517.39. "After the gains made on Sunday, fund managers started coming in," Mr al Chalabi said.
Although yesterday's performance was not expected to be sustainable, the market's mood was improving, and investors seemed to be picking out particular shares that offered good value, he said. "It is a change in language from 'I want nothing to do with this market'," he said. Elsewhere in the region, Kuwait's measure advanced 0.2 per cent to 6,727.50, Bahrain's rose 0.5 per cent to 1,422.72, and Oman's remained flat at 6,281.89. Qatar's bourse declined 0.4 per cent to close at 7,436.44, and the Saudi Tadawul All-Share Index advanced 0.5 per cent to 6,306.33.