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Emaar leads Dubai shares rebound
DUBAI - Led by Emaar Properties, shares in Dubai rebounded on Wednesday, surging over two per cent to close at 4,802.38, after its Tuesday's lowest plunge since October. The Abu Dhabi bourse fell 0.1 per cent at 4,359.66 points, dropping for a third day.
The biggest developer in the Middle East, Emaar jumped 5.7 per cent to Dh9.51, with analysts saying the stock is a must-buy for long-term investors. On Tuesday Emaar closed at its lowest since April 2005.
Dubai's real-estate sector rallied 4.5 per cent, or 417.78 points, to close at 9,692.87. The sector had been plagued by losses over the past few days due to the ongoing police investigation of some real-estate senior executives being suspected of having embezzled from companies or taken bribes from third parties.
The UAE's giant mortgage lender Tamweel, a Shariah-compliant company, was one of the biggest gainers with a rise of 5.2 per cent to Dh5.89 followed by Gulf General Investments, a shareholding firm with 30 subsidiaries and affiliates, which increased over five per cent to Dh10.45 and Ajman Bank with a climb of 4.8 per cent to Dh3.03.
Commercial Bank of Dubai and Dubai Islamic Bank dropped 4.6 per cent to Dh10.45 and 0.3 per cent to Dh7.19 respectively.
About 282.8 million shares valued at Dh1.1 billion traded on the Dubai Financial Market General Index, with 20 companies advancing, four declining and another four that remained unchanged. Shares value on the Abu Dhabi Securities Market (ADX) General Index amounted to Dh728.2 million.
Abu Dhabi Commercial Bank, the country's third-biggest bank by assets, dropped 1.9 per cent to Dh4.21 on ADX. The bank sued the US investment and financial services firm Morgan Stanley, Bank of New York Mellon Corp and three securities ratings services after they allegedly gave high rating to a structured investment vehicle that collapsed last year.
'I think we are near the bottom,' said Chamel Fahmy, a senior regional sales trader at Beltone Securities Brokerage, in a Bloomberg report. 'The selling pressure is mainly from foreign initiations which are planning to shift liquidity to Saudi Arabia's market.'
There has been speculation that foreigners may be selling shares to raise funds for investment in Saudi Arabia's Tadawul All Share Index, the largest Gulf Arab stock market as it opens up to non-nationals.
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