Dubai bluechips rose yesterday, although the wider index remains range-bound below a key psychological level, while most other Gulf Arab markets also advanced.
Dubai’s Emaar Properties climbed 3.4% to a 52-month high. Investor confidence remains upbeat in Emaar, despite fourth-quarter earnings missing estimates, as property prices in the emirate slowly recover.
Telecom operator du rose 4.7% to 4.69 dirhams, its highest close since October 2008.
Du’s fourth-quarter profit more than doubled as it wrote back tax provisions and its subscriber base rose.
Arabtec tumbled 9.7%, its lowest price since January 3, as investors continue to react negatively to the shake-up announced by the developer last week.
Dubai’s measure advanced 0.4% to 1,936 points. It has been trading in a tight range just below 2,000 points since hitting a 39-month high on February 24.
Read more: http://www.gulf-times.com/business/191/details/344242/bluechips-lift-dubai-stocks%3b-most-gulf-markets-upbeat
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