Dubai's DFM, the only Gulf Arab stock market to sell shares to the public, jumped to the highest in a month
Dubai shares rose to the
highest in a month as trading in Egypt resumed and after Dubai World
signed a final agreement with creditors, marking the end of a
restructuring that roiled global markets in 2009.
Properties, builder of the world’s tallest tower, gained 1.3
percent. Dubai Financial Market, the only Gulf Arab stock market to
sell shares to the public, jumped to the highest in a month. The DFM
General Index increased 0.6 percent to 1,529.4, the highest since February
20, at the 2pm close in Dubai. The gauge fell as much as 1.2 percent
earlier. Egypt’s EGX 30 Index tumbled 8.9 percent to the lowest since
for the region that the market opened,” said Paul Cooper, Dubai-based
managing director at Sarasin-Alpen & Partners Ltd., which oversees
more than $500m in the Middle East. “Most investors had already
anticipated that Egypt’s market would drop, and that didn’t really
North Africa’s second-largest after Morocco by market value, resumed
trading two days before a deadline that could have led to its removal
from the MSCI Emerging Markets Index. The measure suspended operations
January 27 after a 16 percent decline that week as demonstrations
demanding the ouster of President Hosni Mubarak escalated.
the state-owned holding company that sought to alter the terms on about
$25bn of debt, signed a final deal with creditors. More than 99
percent agreed to the new debt terms in September and all of the about
80 lenders consented the following month. The formal signing of the
restructuring agreement awaited documentation by lawyers.
may have helped lift local shares, said Haissam Arabi, chief executive
officer at Gulfmena Alternative Investments in Dubai.
five-year dollar bond advanced. The yield on the 6.7 percent note
maturing in October 2015 dropped 21 basis points to 6.39 percent as of
5pm in the emirate, the lowest level since October.
Emaar gained to
AED3.04, the highest since February 16. Dubai Financial Market rose to
AED1.34, the highest since February 20.
measure advanced 0.6 percent and Oman’s MSM30 Index rose 0.1 percent.
Saudi Arabia’s Tadawul All Share Index gained 0.3 percent. Abu Dhabi’s
ADX General Index was little changed, while Kuwait’s measure fell 0.6
percent. Qatar’s gauge retreated 0.5 percent.