Dubai index rises above 200-day average

27.10.2014
Property and construction stocks were top performers as contractors Drake and Scull and Arabtec jumped 6.5 and 5.3% respectively. Most stock markets in the Middle East rose on Sunday as quarterly earnings reports remained generally positive, according to Emirates 24/7.
With U.S. stocks up after strong results from Microsoft and Procter & Gamble, Dubai's index rose 2.5% to 4,689 points, closing back above its 200-day average at 4,594 points.
Property and construction stocks were top performers as contractors Drake and Scull and Arabtec jumped 6.5 and 5.3% respectively, while developer Union Properties added 5.1 per cent%.
"This is just speculation," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi, said of the sharp moves.
In Arabtec's case, in particular, investors are once again betting that Abu Dhabi state fund Aabar Investments may soon buy the stake held by Arabtec's former chief executive Hasan Ismaik, who resigned in June, he said. Ismaik has said he was in talks to sell the stake at no less than AED5 per share, a premium to Sunday's close of AED4.41.

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