late surge in Arabtec shares helped to ensure Dubai’s stock market ended the last day of the trading week in the black.
The Dubai Financial Market yesterday closed 1.1 per cent higher at 4,494.37, ending a three-day losing streak.
The main index, however, finished the week 1.5 per cent lower compared with last Thursday’s close.
Arabtec shares were the big gainers after Egypt’s housing minister said
the company’s US$40 billion housing project will commence construction
next year, downplaying talks of delays to the project.
Shares of the construction company rose 6.1 per cent in heavy afternoon trading, ending the day at Dh3.97 each.
Dubai’s gains were not replicated in the capital, however. The Abu Dhabi
Securities Exchange General Index ended the day down 0.4 per cent at
4,797.90, dragged by a 1.9 per cent drop in the index heavyweight FGB.
Aldar Properties ended the day up 0.9 per cent at Dh3.19 for each share,
following an announcement that its credit rating had been upgraded to
investment grade by Moody’s.
The Dubai Financial Market yesterday closed 1.1 per cent higher at 4,494.37, ending a three-day losing streak.
The main index, however, finished the week 1.5 per cent lower compared with last Thursday’s close.
Arabtec shares were the big gainers after Egypt’s housing minister said
the company’s US$40 billion housing project will commence construction
next year, downplaying talks of delays to the project.
Shares of the construction company rose 6.1 per cent in heavy afternoon trading, ending the day at Dh3.97 each.
Dubai’s gains were not replicated in the capital, however. The Abu Dhabi
Securities Exchange General Index ended the day down 0.4 per cent at
4,797.90, dragged by a 1.9 per cent drop in the index heavyweight FGB.
Aldar Properties ended the day up 0.9 per cent at Dh3.19 for each share,
following an announcement that its credit rating had been upgraded to
investment grade by Moody’s.
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