x Abu Dhabi, UAEThursday 27 July 2017

Dubai market rallies to highest in two months

Markets Wrap: Dubai shares rose to their highest in more than two months ahead of second quarter results.

Emaar, the developer behind the world's tallest building, advanced for a second day, up 2.5 per cent to Dh3.23. Jeffrey E Biteng / The National
Emaar, the developer behind the world's tallest building, advanced for a second day, up 2.5 per cent to Dh3.23. Jeffrey E Biteng / The National

Dubai shares rose to their highest in more than two months yesterday ahead of second quarter results.

Emaar, the developer behind the world's tallest building, advanced for a second day, up 2.5 per cent to Dh3.23. The shares rose 1.6 per cent on Sunday.

"The catalyst really was that Emaar bonds were oversubscribed and priced attractively," said Fadi Al Said, the head of investments at ING Investment Management in Dubai.

Emaar on Sunday reported its Islamic bond issue was oversubscribed by nine times, receiving bids for US$4.65 billion from investors. Analysts polled by Bloomberg forecast it to more than double its profits to Dh551 million for the second quarter this year compared with the same period last year .

The Dubai Financial Market General Index gained 0.9 per cent to 1,516.53. Abu Dhabi stocks declined, led by property stocks, amid subdued appetite. Aldar Properties, the developer behind Yas Island, lost 0.8 per cent to Dh1.11. Sorouh Real Estate, the developer behind Reem Island's Sun and Sky Towers, lost 0.9 per cent to Dh1.01. RAK Properties, the biggest developer in the Northern Emirates also listed in Abu Dhabi, was unchanged at 32 fils.

The Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,456.89.

About Dh45m worth of shares traded, compared to about Dh70m for the 50-day average.

Elsewhere in the region: Kuwait's measure was little changed at 5,860.38; Bahrain's index gained 0.2 per cent to 1,115.14; Oman's MSM 30 Index rose 0.5 per cent to 5,498.51; Qatar's QE Index added 0.1 per cent to 8,295.03. The Saudi Tadawul AllShare Index gained 0.32 per cent to 6641.30.

halsayegh@thenational.ae

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