Markets Update: Markets rose today, ending the trading week on a positive note, as investors bought up property stocks amid speculation that the sector will show strong growth in the fourth quarter.
Markets in UAE closing week out in positive mood
Markets rose today, ending the trading week on a positive note, as investors bought up property stocks amid speculation that the sector will show strong growth in the fourth quarter.
Aldar Properties, the builder of Yas Island and Ferrari World, jumped 4.4 per cent to 93 fils a share on the Abu Dhabi bourse. Sorouh Real Estate, the capital's second biggest developer, gained 4.2 per cent to 93 fils a share. The Abu Dhabi Securities Exchange General Index added 0.2 per cent to 2472.10 points.
"Markets are in better shape, generally speaking," said Fadi al Said, a senior fund manager at ING Investment Management in Dubai. "Liquidity is coming back and the global markets are improving."
Emaar Properties, the developer of the world's tallest skyscraper Burj Khalifa, gained 0.6 per cent to Dh2.92 a share. Arabtec Holding, Dubai's biggest contractor, surged 7.1 per cent to Dh2.85 amid consistent gains since the start of the year.
Elsewhere in the region, Kuwait's measure was unchanged at 5854.90 points. Bahrain's measure was little changed at 1136.30 points. Oman's MSM 30 Index was little changed at 5628.33 points. Qatar's QE Index added 0.2 per cent to 8716.12 points. The Saudi Tadawul All-Share Index added 0.7 per cent to 6797.09 points.