The Dubai bourse rose again yesterday as the Dubai World debt accord helped to sustain a post-Ramadan rally.
Rally resumes in Dubai
The Dubai bourse rose again yesterday as the Dubai World debt accord helped to sustain a post-Ramadan rally. The Dubai Financial Market General Index rose 0.4 per cent to 1627.15. Brokers say investors can expect further increases although the strength of the recent rally may be easing after the index gained more than 10 per cent in just two weeks. "We're in a consolidation phase," said Mohammed Ali Yasin, the chief investment officer at CAPM Investment in Abu Dhabi. "The markets will continue to move up. We're not at the end of the rally yet."
Aramex, the logistics company, gained 4.5 per cent to close at Dh1.83, the highest since September 2008. Emaar Properties, the country's biggest developer, rose 0.8 per cent to Dh3.53 a share. The Abu Dhabi Securities Exchange General Index rose 0.3 per cent to 2,601.10. Gains were led by Abu Dhabi National Energy Company, known as Taqa, after it announced the acquisition of a North Sea oilfield from Total. The stock advanced 3.3 per cent to Dh1.25.
Abu Dhabi Commercial Bank added 2 per cent to Dh2.04, while Waha Capital added 1.45 per cent, closing at 70 fils a share. Markets initially rose after the Eid holiday as a result of Dubai World reaching an agreement with 99.9 per cent of its bank creditors to restructure US$24.9 billion of debt, combined with a solid performance in international markets and higher commodity prices. All stock exchanges in the region were trading yesterday after the Eid holiday. Kuwait's measure remained unchanged at 6,826.70. Bahrain's index rose 0.3 per cent to 1445.09. Qatar's bourse rose 0.6 per cent to 7561.99 and Oman's index rose 0.5 per cent to 6334.08. The Saudi Tadawul All-Share Index increased 0.7 per cent to 6354.18.