x Abu Dhabi, UAESaturday 20 January 2018

Dubai stock market enjoys best day for a week

Market Wrap: Dubai's market maintained momentum and rose to its highest in a week as global sentiment improved despite Greece debt downgrade.

Emaar shares gained 0.7 per cent to Dh3.12. Jeff Topping / The National
Emaar shares gained 0.7 per cent to Dh3.12. Jeff Topping / The National

Dubai shares led the momentum in the GCC region as improved global sentiment pushed the emirate's bourse to its highest point in a week.

The Dubai Financial Market General Index closed up 0.7 per cent at 1,567.91 points, propped up by trading in heavyweight stocks including Emaar Properties.

Shares in the company gained 0.7 per cent to Dh3.12, the highest price in a week.

Other property companies were not far behind. Arabtec added 1.5 per cent to Dh1.34 and Deyaar Development rose 0.3 per cent to 30 fils.

These stocks were among the most heavily traded companies in Dubai.

In the capital, trading was more muted as the Abu Dhabi Securities Exchange General Index closed marginally higher at 2,711.54 points.

Most global bourses were higher yesterday even after Greece's sovereign debt rating was cut by Standard & Poor's.

Egypt's market, which gained 1.1 per cent to 5,613.45 points, remained on the radar of investors with bellwether stocks continuing to garner market support.

Analysts at Citigroup raised Orascom Construction Industries to "buy" from "hold" and increased the price target to 310 Egyptian pounds from 270 pounds, on climbing fertiliser prices.

Shares in the company were up 0.4 per cent at 285.08 pounds.

Limited gains were made elsewhere in the region as Qatar's measure inched 0.3 per cent higher to 8,311.20 points, and the Kuwaiti market added 0.2 per cent to 6,330.40 points.

The Saudi Arabian Tadawul All-Share Index closed 0.2 per cent lower at 6,568.51 points.