Arabtec rally invigorates Dubai stock market

A rally in Arabtec shares lifted property and real estate companies on the Dubai Financial Market yesterday.

The DFM closed up 0.4 per cent, while the Abu Dhabi Securities Exchange rose 0.2 per cent.

Arabtec shares climbed 2.1 per cent, the second largest traded stock by value behind Emaar Properties, which closed down 0.87 per cent against its previous close.

Real estate companies and developers rose, with Damac Properties, Deyaar and Dubai Parks and Resorts all rising yesterday. Emaar Malls gained 1.85 per cent.

National Cement, Air Arabia and Gulf Navigation were the day’s top three gainers. National Cement rose 6.88 per cent on a small value of trades, while Air Arabia gained 2.53 per cent after being named best low-cost carrier at the World Tourism Forum in Turkey yesterday.

The top gainer on the ADX was Gulf Cement, which rose 2.9 per cent. United Arab Bank and Union National Bank both rose by almost 2.3 per cent and 1.8 per cent respectively.

Green Crescent Insurance fell by 3.2 per cent, the largest decliner on the ADX, with Sharjah Cement and National Marine Dredging also falling by under 3 per cent.

Brent stood at $65.29 per barrel in trading yesterday, down 0.12 per cent on its previous close price.

Bourses in Saudi Arabia, Qatar, Kuwait and Egypt all fell by less than 1 per cent at time of print yesterday.

The US dollar rose marginally on the Bloomberg Dollar Spot index, a measure of the currency’s strength against international competitors.

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