x Abu Dhabi, UAESaturday 22 July 2017

Property shares boost Dubai market

The Dubai and most other regional markets rose amid renewed global buoyancy, with only Abu Dhabi closing lower by 0.6 per cent.

Dubai's main bourse rebounded from Sunday's lows after Ireland's agreement for an aid package of €85 billion buoyed markets across the globe.

The Dubai Financial Market General Index gained 0.9 per cent to 1,674.77 points.

The upturn came on the same day Mohamed Alabbar, the chairman of Emaar Properties, said that the emirate's property market had levelled out.

Property stocks were among the most traded as Emaar rose 1.1 per cent to Dh3.64 and Arabtec increased 1.6 per cent to Dh1.83.

The dollar traded at an almost two-month high against the euro at US$1.31. It is up almost 6 per cent since the US Federal Reserve announced a second round of quantitative easing to tackle inflation and unemployment.

But analysts were wary of the increase. "If you compare the UAE with emerging markets, we are still lagging far behind the BRICs [Brazil, Russia, India and China]. We still have no visibility in this market," said Sebestien Henin at The National Investor.

Abu Dhabi Commercial Bank fell 3 per cent to Dh2.22, Union National Bank dropped 4.4 per cent to Dh3.04, National Bank of Abu Dhabi closed 0.8 per cent down at Dh12.30, and Abu Dhabi Islamic Bank lost 2.6 per cent to Dh2.90. The Abu Dhabi Securities Exchange General Index slipped 0.6 per cent to 2,731.22 points.

Other regional indexes closed higher: Qatar rose 0.6 per cent to 8,158.52; Oman rose 0.3 per cent to 6,602.95; Bahrain gained 0.8 per cent to 1,438.87 and Kuwait added 0.6 per cent to 6,914.40.

The Saudi Tadawul All-Share Index rose 0.3 per cent to 6,332.43 points.

UAE markets will be closed this Thursday and Sunday for National Day and the Islamic New Year.

 

fhalime@thenational.ae