Markets Update: Retail investors buy property and construction stocks after Union Properties, the Dubai developer, changed its management.
Union move lifts property in UAE
Property and construction stocks edged the Dubai Financial Market (DFM) higher yesterday after Union Properties replaced a key executive.
The Dubai developer yesterday appointed Ahmad Khalaf Al Marri as acting general manager after Khalid Rashid Al Jarwan stepped down. Union surged 5.7 per cent to 28 fils.
"Investors are looking at this as a positive continuation and a step towards the restructuring of the company as a whole," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.
The company last week said it had reached a Dh1 billion debt deal with Emirates NBD.
Arabtec Holding, one of Dubai's biggest contractors, added 1.1 per cent to Dh1.72 a share. The DFM General Index gained 0.5 per cent to 1,334.58.
The Abu Dhabi Securities Exchange (ADX) failed to attract much investor interest yesterday.
The ADX General Index was little changed at 2,340.52.
Elsewhere in the region: Kuwait's measure was flat at 5,797.10; Bahrain's benchmark was also little changed at 1,141.42; Oman's MSM 30 Index added 0.1 per cent to 5,591.71; Qatar's QE Index lost 0.2 per cent to 8,443.65. The Saudi Tadawul All-Share Index lost 0.2 per cent to 6,450.579.