Dubai bourse gets push from property stocks

The Dubai index posted its biggest gains in more than three weeks yesterday, with blue chip property stocks including Damac leading the charge.

The Dubai Financial Market General Index closed up 1.2 per cent at 4,123.45.

Damac Properties was the lead gainer, rising 5.8 per cent to Dh3.25, its highest level in more than two weeks. Deyaar Development and Union Properties followed closely behind, closing up 4.9 per cent and 3.3 per cent, respectively, while the index heavyweight Emaar Properties gained 2.3 per cent at Dh8.14.

However, such rises do not necessarily presage a strong run of gains for Dubai stocks, according to Muhammad Shabbir, the head of equity funds and portfolios at Rasmala Investment Bank in Dubai.

“It’s quite a dry season, with not much news really driving the market one way or another,” he said.

“The market has been quite volatile, so today’s rise could be just standard flows. Emaar Properties was up today after falling yesterday, it looks like investors are just flipping stocks.”

In the capital, the Abu Dhabi Securities Exchange General Index rose by 0.4 per cent to 4,636.80 – the index’s highest close of the month so far.

Real estate stocks were once again the main contributors to the index’s rise; shares in Eshraq Properties and Aldar Properties rose by 3.8 per cent and 2.1 per cent, respectively.

Abu Dhabi Ship Building was the top performer, ending up 14.9 per cent at Dh2.93 – its highest close since mid-September.

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