Dubai shares rose yesterday, resisting sentiment from global markets, as institutional investors bought up shares in Emaar Properties.
Local markets on a wave
Local markets rose for the second straight day yesterday as investors bought up shares in Emaar Properties, brokers said.
The region's biggest developer made up more than two thirds of the total traded value on the Dubai bourse. Its stock rose 1.3 per cent to Dh3 a share.
The Dubai Financial Market General Index, which initially traded down in correlation with international markets, closed 0.6 per cent higher to 1,536.42.
"Initially the Dubai market opened down because investors saw what happened in the US the night before and were afraid our markets would be affected," said Ameed Kanaan, the general manager at Al Jazeera Financial Services in Dubai. "But then institutional orders for Emaar caused a buying frenzy," he added. The S&P 500 Index lost 0.4 per cent to 1,286.94 on Monday ahead of the US Senate vote yesterday to ratify a US debt limit compromise that will avert a default.
In Abu Dhabi, Dana Gas was unchanged at 62 fils a share after the UAE gas explorer and developer said it is still waiting for US$148 million owed for work in Egypt.
The Abu Dhabi Securities Exchange General Index was up 0.3 per cent to 2,645.81.
Elsewhere in the region: Kuwait's benchmark gained 0.6 per cent to 6,074.80; Bahrain's index declined 0.4 per cent to 1,284.62; Oman's index lost 0.3 per cent to 5,812.23; Qatar's benchmark gained 0.2 per cent to 8,429.23 points; and the Saudi Tadawul All-Share Index was down 0.44 per cent to 6,443.16