Markets in the region closed higher yesterday, led by the Dubai Financial Market (DFM), which jumped nearly 3 per cent after profit-taking the day before turned to buying.
The DFM General Index closed up 2.66 per cent at 1,698.22. The index is up 25 per cent on the year to date.
Few companies were unaffected by the rise, which analysts said was linked more to investor exuberance than to changes iin the financial positions of the firms.
Tabreed, which operates district cooling systems for residential and commercial properties, continued its rise with stocks up 12.8 per cent.
Some analysts have linked the rise to positive investor sentiment about the improving Dubai property market.
Last month, Dubai property prices rose 3 per cent, the biggest increase in the past 30 months.
Arabtec Holding was up 9.37 per cent as investors piled in ahead of a statement by the company in the next two weeks on its fourth-quarter earnings for last year. Shareholders are hoping the release will reveal details about significant new orders on the company's book.
"We are seeing some phenomenal movement across the board. There's not a stock that's missed out. Over-excited investors are keeping the momentum up," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai.
"Volumes are way above average, and the volatility shows we are seeing fresh liquidity coming in. Yesterday we saw some profit-taking, which is normal."
The Abu Dhabi Securities Exchange General Index also benefited from the regional optimism, closing up 0.7 per cent to 2,593.22. The Saudi Tadawul All-Share Index gained 0.27 per cent to close at 7,168.99.
lmiller@thenational.ae
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
