By- Elsayed Solyman

* Dubai’s index records best daily gain since late September

* Arabtec shares limit up, as the company try to refute rumors

* Abu Dhabi’s index extends gain on banks and property stocks

* Retail investors buy, while institutions sell

Stock market in the United Arab Emirates kept rally alive Wednesday amid investors’ bullish sentiments about the biggest listed construction company’s outlook after the builder said earlier that it would hold a press conference to clarify things. Abu Dhabi followed suits.

The Dubai benchmark stock index, DFMGI, soared 7.92%, its best daily gain since late September 10 to close at 4389.94 points.

Shares in heavyweight Arabtec soared 14.93% to AED 3.3, with investors bet the rout is overdone.

 “There are rumors in the market about the stake of Mr. Ismaik, that there is a big governmental title could finish the deal in the few coming months,” said Nedal Khouly, head of Gulf Research in Nemma Investment.

HSBC said in a recent report that “the company needs to hire an additional 17,500 white-collar employees to execute its backlog until 2017, believed to be standing at more than Dh60 billion.”

“Retail investors also helped lift the index Wednesday, and this could be a sign of a sustained rally in the few coming sessions,” Khouly added.

Data on Decypha showed retail investors as net buyer of AED 41.25 million.

Turnover hit AED 3 billion, through the trade of 1.36 billion shares.

Arabtec was the heaviest traded stock Wednesday by value through the trade of AED 865.4 million.

Elsewhere, shares on the Abu Dhabi bourse surged amid a strong showing for most blue-chips stocks.

ADX, the main benchmark stock index, climbed 4.96% to 4806.75 points.