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Thursday, 4 March 2010

Dubai Index Gains Most in Week as DP World ‘Buy’ Restores Faith

Dubai shares climbed the most in a week as an analyst’s “buy” recommendation on DP World Ltd., the Middle East’s biggest port operator, helped boost investor confidence in the region’s companies.
DP World gained the most in almost two months after an EFG- Hermes Holding SAE report said the Nasdaq Dubai-listed company would rebound when parent company Dubai World reaches an agreement with creditors. Emaar Properties PJSC, developer of the world’s tallest skyscraper in Dubai, advanced the most this month. Deyaar Development PJSC, a Dubai-based developer, increased the most in more than a month. The DFM General Index added 0.7 percent, the most since Feb. 25, to 1,584.81, bringing the gain this week to 0.2 percent.
The comment on DP World is “a good proxy to the theme of recovering global world trade. We are going into the weekend on a positive note,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. The news points to the “firmness” of selective names in Dubai.