1.38 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Dubai shares jump after global markets rebound; Arabtec surges

Published
By Reuters & Staff

Dubai stock index jumped on opening on Sunday after global markets rebounded on Friday and shares in builder Arabtec Holding surged as it moved closer towards starting work on a huge project in Egypt.

At the half-way mark at 12noon, the benchmark index was up 4.62 per cent while Arabtec was up almost 9 per cent. Heavyweight Emaar Properties added 3.3 per cent.

Among top gainers on the DFM index were Arabtec (up 8.94 per cent), Deyaar Development (+8.65 per cent), Union Properties (+8.33 per cent), Shuaa Capital (+7.81 per cent) and Dubai Investments (+6.99 per cent).

Arabtec said on Sunday it expected soon to conclude the final agreement with Egyptian authorities to begin work on a $40 billion project to build one million residential units.

Worries about global economic growth had weighed on Western markets last week and also sent Middle East bourses tumbling, with Dubai taking the biggest hit and losing 13.6 per cent.

But global markets rebounded on Friday, when stock exchanges in the Middle East were closed.

Abu Dhabi’s index, which fell 6.1 per cent last week, rose 1.3 per cent in early trade on Sunday and was up 0.77 per cent at 12noon.

Among gainers on ADX were National Marine Dredging Co. (up 14.93 per cent), National Bank of Umm Al Quwain (up 14.33 per cent), RAK Properties (+7.5 per cent), Waha Capital (+6.95 per cent) and Methaq (+6.45 per cent).