x Abu Dhabi, UAESunday 23 July 2017

Euro-zone deal lifts markets

Dubai's shares advanced yesterday, lifted by improved global investor sentiment, after Eurozone leaders agreed to boost the region's rescue fund.

Local markets were more active following positive news from Europe.
Local markets were more active following positive news from Europe.

Dubai shares rallied yesterday, tracking global markets, after leaders in Europe agreed to boost the euro-zone rescue fund.

Drake & Scull International, Dubai's second-biggest contractor, jumped 4.2 per cent to 79 fils a share.

Emaar Properties advanced 4.8 per cent, its biggest increase since March 9, to Dh2.60.

This was despite the region's biggest developer reporting that third-quarter profit declined to Dh406 million, 34 per cent less than for the same period a year earlier.

The Dubai Financial Market General Index rose 1.7 per cent to 1,377.95. Oil prices rose. Brent crude for December settlement climbed as much as US$2.05, or 1.9 per cent, to $110.96 a barrel in midday local trading.

Nicolas Sarkozy, the French president, said the euro-zone's bailout fund would be leveraged by four to five times, and investors have agreed to a voluntary write-down of 50 per cent of Greek debt.

"The mood is getting much better. We can see the market more active today compared with recent weeks," said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi.

The Abu Dhabi Securities Exchange General Index rose 0.6 per cent to 2,471.67.

Elsewhere in the region: Kuwait's index was unchanged at 5,902.10; Bahrain's slipped 0.1 per cent to 1,150.16; Oman's MSM 30 Index rose 0.3 per cent to 5,563.43; and Qatar's QE Index advanced 0.8 per cent to 8,536.21.

Saudi Arabia's Tadawul All-Share Index was closed for the day.