Monday 23 November 2009

Dubai Shares End Losing Streak on Bond Speculation Post Shakeup

Dubai shares ended the longest losing streak in three weeks, led by Emaar Properties PJSC, on investor speculation recent declines were overdone on signs that the second half of Dubai’s support fund will be issued soon.

Emaar, the United Arab Emirates’ biggest property developer, climbed the most in a week, while Dubai Financial Market, the only Gulf stock exchange to sell shares, had its biggest intraday gain since Nov. 10. The Dubai Financial Market General Index added 1.6 percent to 2,106.21 at 1:33 p.m. in the emirate today, its biggest advance in a week. About 129 million shares traded in Dubai’s measure, or 31 percent of the three- month daily average, according to data compiled by Bloomberg.

Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum late last week fired one senior aide and removed three others from the board of Dubai’s main holding company as the debt-laden emirate tries to secure a second $10 billion injection of funds. The sheikh’s moves were aimed at exerting more control over the web of competing, state-owned companies that he used to accelerate diversification away from oil and which amassed $80 billion of debts.

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