x Abu Dhabi, UAESunday 23 July 2017

Dubai Financial Market ends week positively

Dubai's shares continue rise amid improved investor sentiment, bringing the year's gain at almost 10 per cent.

Dubai's stock market ended the week on a positive note as investors bought popular stocks amid an extended rally that began in January.

Arabtec Holding, which was one of the contractors behind the construction of the world's tallest tower, the Burj Khalifa, rose 3 per cent to Dh2.74. The stock has surged more than 70 per cent since the start of the year.

Dubai's index closed 0.3 per cent higher at 1,486.90.

Last year was a bad year for investors, with regional stock markets buffeted by the Arab Spring unrest and Europe's debt crisis.

The Dubai Financial Market General Index lost 16.9 per cent last year, but has since risen 9.8 per cent, outperforming other Gulf bourses.

"Markets are in better shape, generally speaking," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "Liquidity is coming back and global markets are improving."

Aldar Properties, the developer of Yas Island and Ferrari World, jumped 3.1 per cent to 96 fils. Sorouh Real Estate, Abu Dhabi's second-biggest property developer, rose 3.3 per cent to 92 fils. Ras Al Khaimah Cement advanced 3.2 per cent to 63 fils.

The Abu Dhabi Securities Exchange General Index was little changed at 2,466.74.

Elsewhere in the region, Kuwait's bourse rose 0.2 per cent to 5,864, Bahrain's was little changed at 1,136.87. Oman's MSM 30 Index was also little changed at 5,622.18, as was Qatar's QE Index - at 8,689.83.

The Saudi Tadawul exchange was closed for the day.

halsayegh@thenational.ae