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Stimulus Hopes Boost DFM Shares; ADX Dips
DUBAI - Dubai shares edged up for a second day on Tuesday, buoyed by property stocks on hopes the government will aid the battered property and construction sector.
The Dubai Financial Market main index ended 0.25 per cent higher at 1,492.39 as real estate stocks added 1.05 per cent.
The Abu Dhabi Securities Exchange benchmark index slipped 0.35 per cent to 2,201.18.
Trading volumes in both bourses were thin as retail investors dominated trading while foreign institutions stayed on the fence on the lack of more compelling catalysts.
“The market is continuing to try and trade to its own agenda this week on the back of rumours of Federal plans to maintain liquidity and stimulate the economy,” said Matthew Wakeman, managing director cash and equity linked trading at EFG Hermes.
Arabtec Holding, the country’s biggest construction company, surged 12.12 per cent to Dh1.48, nearly doubling its price in the last eight sessions.
“I’d expect to see locals start to book their profits and look for the next story. I think investors will need a reason to hold at these levels rather than take profits, said Wakeman.
Union Properties rose 3.12 per cent to Dh0.66. Profit-taking hit property giant Emaar Properties which ended flat at Dh1.87.
Omar bin Sulaiman, deputy chairman of the UAE central bank and a member of the
“The consensus is that 2009 will be a difficult year for real estate, with no recovery until credit lines begin to thaw and liquidity returns to markets. Additionally, signs point to the market becoming demand rather than supply-driven going forward,” said MR Raghu, senior vice-president of Research
Property stocks were little changed in
“We can expect to see more sideways trading in the next couple of days even if sentiment has improved and a bottom already reached. Investors want bigger catalysts for the market to move up. All these talks about the state stepping in will take time to have an impact,” said Chamel Fahmy of Beltone Financial Securities.
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