Monday 26 September 2022

Dubai shares surge to ease from 6-year low

Dubai, March 6, 2011

Dubai's index surged in early trade, easing from a six-year low to track Saudi Arabia's Saturday gains, while other regional benchmarks also advanced.

Dubai's measure climbed 5.2 per cent to 1,423 points, trimming its year-to-date losses to 12.7 per cent.

'This is a great opportunity to sell rather than to buy - nothing much has really changed in terms of the regional political picture,' said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

'I would be very careful about calling this a buying opportunity. There are rumours of more protests taking place in the Gulf and March 11 will be a key day to look out for in Saudi.'

Dubai builder Arabtec climbed 9.5 per cent, Emaar Properties added 7.9 per cent and contractor Drake & Scull advanced 7.2 per cent. These are the high beta stocks and so tend to lead index movements.

More than 17,000 have backed a call on Facebook to hold two demonstrations in Saudi Arabia this month, the first one slated for Friday, March 11, while on Saturday, Saudi authorities warned a ban on marches would be enforced.

Abu Dhabi's index rose 0.7 per cent to 2,547 points.

Aldar Properties and Sorouh Real Estate added 7 and 7.1 per cent respectively.

Oman's benchmark climbed 1.3 per cent to 6,434 points.

On Saturday, Saudi Arabia's index jumped 7.3 per cent, its biggest gain in more than two years to end a 14-session losing streak.-Reuters

Tags: Middle East | trading | Shares | stock markets | bourses |

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