Dubai’s index rallied 1.6 per cent yesterday on the back of property stocks, making the Dubai Financial Market the best-performing bourse in the Middle East.
Damac Properties rose 15 per cent, after reporting a 50 per cent jump in second-quarter net profit yesterday.
Arabtec followed with gains of 6.6 per cent after it said that phase one of its US$40 billion housing project in Egypt was still on track.
Gulf General Investment Company was the Dubai exchange’s biggest decliner yesterday, falling over 2 per cent to 94 fils. Emaar Malls fell 1.8 per cent.
Methaq Takaful was the biggest loser, declining 9.2 per cent.
The National Marine Dredging Company, which was involved in the construction of the New Suez Canal, dropped 4.1 per cent, partially reversing its 15 per cent jump on Tuesday.
The MSCI Emerging Markets index gained 0.2 per cent. The Qatar exchange closed up 0.2 per cent, while the Egyptian Exchange closed down 0.8 per cent.
Brent rose for a second day yesterday. It gained $0.77 in midday trading, or 1.54 per cent, taking oil back above the psychologically significant $50 per barrel barrier.
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