DFM climbs 1% in heavy trade

Active trading by retail investors boosted Gulf stock markets on Monday while Egypt rose after a court banned the Muslim Brotherhood from carrying out any activities in the country.

By Andrew Torchia (Reuters)

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Published: Tue 24 Sep 2013, 9:21 AM

Last updated: Tue 7 Apr 2015, 5:24 PM

Saudi Arabia was closed for a national holiday but across much of the Gulf, individual investors speculated actively ahead of third-quarter earnings announcements expected next month.

“Retail investors are very active in the market, targeting the penny stocks and the highly liquid names,” Sebastien Henin, portfolio manager at The National Investor, said of Dubai.

Dubai’s index climbed one per cent to 2,709 points in some of the heaviest trade this year, leaving it close to its August peak of 2,762 points, which many analysts consider strong technical resistance.

The most active stock was Gulf Navigation, which soared 10.1 per cent after the firm, which made a loss last year because of tough conditions in the oil shipping market, said it planned to sell some ships and might get a cash injection.

In a statement to the bourse, it said the board of directors would ask shareholders for approval to sell its two very large crude carriers, and had conducted “positive communications with major shareholders to inject cash into GNH.” It did not elaborate on the size or timing of any cash injection.

Property stocks Deyaar and Union Properties also traded heavily, as did Arabtec, which climbed two per cent.

The overall Abu Dhabi market was barely changed but Dana Gas rose 1.6 per cent to close at Dh0.64, off a high of Dh0.68.

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