Dubai shares extend gains for fifth day in a row

Dubai shares extended gains for a fifth consecutive day, led by Emaar Properties.

The property developer posted its best daily performance in more than two weeks, closing up 3.4 per cent at Dh6.58.

The Dubai Financial Market General Index rose more than 1 per cent, closing at 3,660.49, its highest close this month.

Amlak Finance and Emaar Malls were the other main gainers, up 2.9 per cent and 1.9 per cent respectively.

Emirates NBD and Air Arabia led the laggards, declining 2.6 per cent and 1.4 per cent respectively.

Abu Dhabi shares rose about 0.5 per cent before closing largely unchanged. The index closed down 0.04 per cent at 4,503.32, as gains by Etisalat were offset by FGB’s decline.

RAK Properties jumped to the highest level in more than a month, finishing 5 per cent higher at 62 fils apiece.

Taqa rose 5.8 per cent, even as news emerged that it had issued a default notice to its partner ShaMaran Petroleum for cash calls in July and last month regarding its block operating agreement in Atrush in Kurdish Iraq.

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