VIDEO REPORT: Property stocks lagged but Air Arabia flew into pole position as one of the Dubai main market's top gainers at the close.
Air Arabia flies high on Dubai bourse
Air Arabia flew into centre stage yesterday as one of the top gainers in Dubai as the property sector struggled to stir up investor confidence.
The aviation company saw its shares rise 0.7 per cent at 79 fils.
Dubai Financial Market Company, the Arab world's only listed exchange, also rose 0.7 per cent to Dh1.50.
The stock may have benefited from the UAE regulator's decision to extend margin trading services to all publicly listed companies.
The Securities and Commodities Authority has said it lifted the restrictions for companies on the country's two main bourses to trade on margin.
Margin trading allows a trader to borrow money from a broker to buy a stock, using other stocks as collateral. It is considered a risky form of investing that can result in sharp swings.
But property stocks struggled to pick up in early trading as Deyaar Development lost 1 per cent to 30 fils and Arabtec, the building contractor, slumped 1.5 per cent to Dh1.97.
Union Properties reversed intraday loss of 1.3 per cent to close 0.3 per cent higher to 37 fils.
The real estate sector did not fare much better in Abu Dhabi, after Aldar Properties lost 0.8 per cent to Dh2.28 and Sorouh Real Estate lost 0.6 per cent Dh1.63. Rak Properties ended the day flat at 46 fils.
The Dubai Financial Market (DFM) General Index fell 0.4 per cent to 1,626.07 points and the Abu Dhabi Securities Exchange dropped 0.6 per cent to 2,698.46 points.