UAE shares rise as oil prices rebound

by / Saturday, 07 February 2015 / Published in Uncategorized

Abu Dhabi and Dubai shares advanced yesterday as energy prices rebounded, providing a boost to equity investors.

“The oil price was up quite a bit over the weekend so I guess we are seeing a relief rally,” said Saleem Khokhar, the head of fund management and head of equities at NBAD Global Asset Management.

“It’s more of a sentiment effect more than anything else, and the valuations look good.”

Brent crude jumped 3.9 per cent to US$50.17 a barrel on Friday.

Property and construction stocks led the gains on the Dubai Financial Market.

Arabtec, Dubai’s biggest contracting company, advanced 2.5 per cent to Dh3.20 a share. Union Properties rose 4.7 per cent to Dh1.33 a share. Emaar Properties inched 0.6 per cent higher to Dh7.75.

The Dubai Financial Market General Index rose 1.4 per cent to 3,899.53 points.

Dubai Parks and Amanat will be incorporated into the benchmark today, the DFM said yesterday.

Property stocks led the gains in Abu Dhabi.

Eshraq Properties rose 3.7 per cent to 84 fils. Aldar Properties, the developer behind Yas Island and Ferrari World, jumped 1.8 per cent to Dh2.69. RAK Properties gained 1.3 per cent to 78 fils.

The Abu Dhabi Securities Exchange General Index rose 1.6 per cent to 4,555.27.

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