Property and construction stocks lifted Dubai¿s benchmark higher yesterday as low valuations prompted buying activity.
Local bourses on the up
Property and construction stocks pushed Dubai's benchmark higher yesterday as low valuations prompted buying.
Emaar Properties, the region's largest developer, rose 2 per cent to Dh2.55. Arabtec Holding, Dubai's biggest contractor, jumped 5.7 per cent to Dh1.65. Drake & Scull International, the emirate's second-biggest contractor, rose 2.3 per cent to 80 fils. The Dubai Financial Market General Index rose 0.6 per cent to 1,350.45.
"The markets are generally not expensive," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "We started the day without negative feelings or bad news, which was enough for markets to go higher."
Julphar led Abu Dhabi shares higher after the company on Monday said it was focusing on providing medical supplies to support the humanitarian crisis in Libya this year.
The company also started construction of a Dh500 million insulin plant in the summer. Julphar's shares rose 0.4 per cent to Dh2.24. Etisalat, which holds the largest weighting on the capital's index, rose 1.6 per cent to Dh9.27. The Abu Dhabi Securities Exchange General Index rose 0.5 per cent to 2,409.38.
Elsewhere in the region: Kuwait's index fell 0.1 per cent to 5,780.90; Bahrain's fell 0.3 per cent to 1,134.61; Oman's advanced 0.2 per cent to 5,721.81; Qatar's was up 1 per cent at 8,880.43; and the Saudi Tadawul All-Share Index rose 0.2 per cent to 6,413.88.