Stock market revives

Amid rumours that UAE investors were turning to Saudi, there has been a surge of interest in Dubai stocks with the emirate's financial market index seeing a 1.6% increase. Investors once again turned their attention to Dubai stocks after a quiet week, following rumours that they were deploying funds to the Saudi market amid preparations by the kingdom to open up the exchange to foreign investors.
“There was speculation in the markets here that people had closed their positions and moved their money towards Saudi stocks and that dampened activity in the market last week,” Khaldoun Jaradat, a stockbroker at Brokerage House Securities in Dubai, told The National.
“But the market was good today and the activity has shown that the liquidity is still very much here.”
The Dubai Financial Market General Index rose 1.6% on Monday to close at 4,819.86 points. Construction and property stocks led the gains on the broader market.
Arabtec Holding, whose former chief executive Hasan Ismaik has been cutting his shareholding in the company, rose 3.8% to close at AED4.28 a share.
Volumes on the shares of the Dubai contracting firm stood at more than 52.2 million and were valued at AED221.3m.
“Arabtec has become a speculative stock,” Mr Jaradat said. “When the market moves, investors rush to buy Arabtec because the volume and arbitrage opportunities on it are so high.”

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