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UAE shares surge on repo rate cut
DUBAI — The UAE stocks jumped after last week's slash in its repo rate, or the benchmark deposit rate. The index of 26 companies that traded in Dubai surged 169.94 points or three per cent to close at 5,785.89 while shares in Abu Dhabi grew 2.6 per cent to 4,688.14.
The UAE lowered its rate by 50 basis points to three per cent on Thursday following the half-point cut by the US Federal Reserve aimed at warding off a recession. The rate cut, coupled with good valuations, has brought investors back into equity markets, analysts say.
The central banks of Saudi Arabia, Bahrain, Oman and Qatar have also been forced to lower interest rates because their currencies are pegged to the US dollar.
Dubai Financial Market (DFM Co), the only publicly traded stock exchange in the Middle East, posted shares value of Dh877.2 million, pacing the main index. It rose 5.9 per cent to Dh6.12 from an opening price of Dh5.80.
UAE's biggest mortgage-finance provider by market value, Amlak Finance, advanced 7.3 per cent to Dh4.70, topping the Dubai Financial Market General Index. It has bought a six-million-sq-ft land in Dubai that will be developed into a multiuse real-estate project.
Emaar Properties, the largest publicly traded real-estate developer in the Middle East and Africa, advanced 3.3 per cent after its chairman, Mohamed Alabbar, said the company may seek a stock listing in New York.
The measure posted 598.8 million shares valued at over Dh3 billion. The telecommunications sector gained 5.4 per cent to close at 951.46 while the materials sector was the lone loser among the sub-indices with a fall of one per cent at 351.56 points.
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