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Dubai shares resume rally on blue-chips stocks

Dubai shares resume rally on blue-chips stocks
Arabtec Holding
ARTC
-3.29% 0.53 -0.02
Emaar
EMAAR
0.24% 8.17 0.02
DFM
DFM
-1.35% 1.46 -0.02

Shares on the Dubai bourse resumed rally Monday, buoyed by selective buying on some of blue-chips stocks, led by retail investors.

The Dubai benchmark stock index, DFMGI, climbed 1.11% or 55.81pts to 5090.76 points.

“Investors were haunting for some specific stocks, especially property-related stocks which served as the main boost to the index,” said Ramy Riad, a senior equity analyst at Al Madina Investment.

Shares in heavyweights Emaar and Arabtec climbed 1.78% and 1.93% respectively.

Arabtec said on Monday that the merger between Samsung Engineering and Samsung Heavy Industries (Samsung Group) will not affect the joint venture (JV) between Samsung Engineering and Arabtec Holding.

The merger by Samsung Group will not affect Arabtec’s financials or its operations, the Company said in a bourse filling.

Arabtec Holding has a 60% stake in the Abu Dhabi-based Arabtec-Samsung Engineering JV, with Samsung having the remaining 40%.

Meanwhile, the banking sector index ticked up 0.93%, as shares in large-cap Dubai Islamic Bank climbed 1.14%.

Shares in Dubai Financial Market, the only listed Arab bourse, jumped 1.37% as the company said it recorded a profit of GBP 51.51 million (AED 310 million) from the sale of 3.1% of its stake in the London Stock Exchange (LSE), amounting nearly 8.5 million shares at a price of GBP 20.2 per share, against a buying price of GBP 14.14 per share in 2007.

DFM currently holds 17.4% of LSE, making it the largest shareholder in the UK-Bourse.

Turnover hit AED 1.03 billion through the trade of 391.7 million shares.