Dubai Shares Climb as Aabar Revives Confidence; Abu Dhabi Rises - Bloomberg

Dubai Shares Climb as Aabar Revives Confidence; Abu Dhabi Rises - Bloomberg:



"Dubai stocks rose, led by Arabtec Holding Co. (ARTC), as state backing for the construction company revived investor confidence in a market that tumbled more than 22 percent last month. Abu Dhabi’s index also advanced.



The DFM General Index (DFMGI) gained for a fourth day, rising 4.4 percent to 4,593.57, the highest close since June 15. Arabtec, the United Arab Emirates’ biggest listed builder, rallied 15 percent to the strongest close in more than two weeks, bringing its advance in the past four days to 55 percent. Union Properties PJSC was the most-traded stock in the gauge, adding 11 percent. Abu Dhabi’s ADX General Index (ADSMI) climbed 1.7 percent.



Khadem Al Qubaisi, the chairman of Abu Dhabi state-run Aabar Investments PJSC, Arabtec’s second-biggest shareholder, said last week at a press conference the company may increase its stake in the builder. Aabar last month cut its holding in Arabtec to about 19 percent from almost 22 percent, stoking speculation the builder was losing government backing. Qubaisi said the sale was “misunderstood” by investors."



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