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Dubai celebrates as market soars 11.4 pct

Dubai : Stock markets in the United Arab Emirates soared in early trade on Thursday after the price of oil rebounded late on Wednesday, and after the Saudi Arabian government said it would continue spending heavily.

Dubai’s equities benchmark surged 11.4 percent as all traded stocks rose; some were close to their daily 15 percent limits. Heavyweight developer Emaar Properties rocketed 14.4 percent and dominated trading volume.

Shares in construction firm Drake and Scull surged 12.0 percent after it said its board would consider buying back up to 10 percent of the company’s shares at a meeting on Dec. 22.

The announcement, and buy-back activity by Abu Dhabi’s Waha Capital and Abu Dhabi Commercial Bank on Wednesday under existing programmes, were signs that UAE companies think their share prices are now too cheap.

Abu Dhabi’s index surged 5.7 percent in a broad rally led by banks. Union National Bank rose 14.8 percent and Abu Dhabi Islamic Bank added 11.6 percent.

 

(*Source : Reuters)

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