Dubai’s shares rose to the highest in almost five months, led by Arabtec Holding PJSC (ARTC), amid speculation investors are accumulating the company’s stock on bets it will benefit from regional infrastructure spending.
Arabtec, the United Arab Emirates’ biggest construction company, surged 9.2 percent. Drake & Scull International PJSC, the Dubai-based construction company, rose to the highest since August. Dubai’s DFM General Index (DFMGI) jumped 0.6 percent to 1,476.24, the highest since Sept. 8, at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) decreased 0.1 percent.
“Arabtec continues to surprise and there are definitely bigger volumes,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment and asset management at Royal Capital PJSC. “There are stories about winning more business from Abu Dhabi airport, but that does not justify the stellar performance.”
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