Property stocks' rebound fuels rise in share prices

UAE markets ended in positive territory yesterday as a rebound in property stocks pushed shares higher.

Arabtec and Emaar Properties, the builder of the world's tallest building, were some of the most actively traded stocks on the Dubai exchange and rose 0.5 per cent to Dh1.92 and 1.3 per cent to Dh3.76, respectively.

In Abu Dhabi, the property sector also enjoyed renewed positive investor sentiment and Sorouh increased 1.21 per cent to Dh1.67. Shares in RAK Properties gained 2.13 per cent to Dh0.48.

But Arkan Building Materials bucked the trend and lost 2.9 per cent to Dh2.01. The company said on Sunday it planned to invest Dh100 million in a new manufacturing plant. The stock has fallen 12 per cent since the start of this month.

The Dubai Financial Market General Index rose 0.5 per cent to 1,711.27 points and the Abu Dhabi Securities Exchange General Index inched 0.4 per cent higher to 2,753.94.

"Investors are unwilling to commit fresh funds now we're approaching year end and … while we await any further developments on Dubai Holding debt restructuring," said Julian Bruce, the director of institutional equity sales at EFG-Hermes.

He said the focus for MENA region investors remained in Egypt, Qatar and Saudi, which had left UAE markets overlooked in the absence of a positive catalyst.

The Saudi Tadawul All-Share Index rose 0.3 per cent to 6,382.56. Qatar is up 1.02 per cent to 8,273.07. Kuwait fell 0.05 per cent to 6,964.40; Bahrain dropped 0.4 per cent to 1,452.12 and Oman lost 0.09 per cent to 6,595.75.

fhalime@thenational.ae