Emaar Properties lifted the main Dubai bourse for the second consecutive day on further rumours of meetings over the restructuring of Dubai World debts.
Emaar lifts Dubai bourse
Emaar Properties lifted the main Dubai bourse for the second consecutive day on further rumours of meetings over the restructuring of Dubai World debts. The Dubai Financial Market General Index closed 1.6 per cent higher at 1,649.14. The value of shares traded increased sharply to Dh273.8 million, up more than 40 per cent over Sunday. Emaar Properties surged 5.3 per cent to Dh3.34, while Arabtec Construction increased by 2.7 per cent to Dh2.22. Also yesterday, the NASDAQ Dubai Index rose by 6 per cent to 1,722.34. The value of shares traded was Dh329.5m, up more than double Sunday's value.
The National reports today that Dubai World representatives met with a group of international creditors in London yesterday, although no resolution was announced. "We've been saying in our notes over the weekend that if Dubai World comes out with some sort of position with creditors, the announcement would make people happy and stocks will rally," said Saud Masud, an analyst at UBS in Dubai. He added that Emaar's rise was significant because the company was expected to be among the primary beneficiaries when the situation at Dubai World was clarified.
The Abu Dhabi Securities Exchange General Index rose 0.9 per cent to 2,774.37. Abu Dhabi Ship Building shares rose 9.4 per cent to Dh3.83. Elsewhere in the region, Qatar's main measure closed 1.8 per cent higher, while Muscat's bourse closed 0.1 per cent lower. Kuwait's and Bahrain's indices closed lower at 0.3 per cent and 0.1 per cent, respectively. The Saudi Tadawul All Share Index ended trading 0.09 per cent higher.