The Dubai Financial Market (DFM) rose yesterday, lifted by Deyaar Development, as retail investors bought up shares regarded as undervalued.
"Deyaar is catching up with other property and construction companies that have performed well over the past few consecutive sessions," said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments in Dubai.
Deyaar jumped 6.6 per cent to 33 fils on the DFM General Index.
The index, which rose 1.1 per cent to 1,546.21 points yesterday, has gained 4.4 per cent so far this week as investors build up holdings in companies such as Emaar Properties and Arabtec Holding amid anticipation that second-quarter results will exceed expectations.
Emaar gained 0.9 per cent to Dh3.30 yesterday, adding to its 8.5 per cent gain this week, while Arabtec Holding jumped 2 per cent to Dh3.03, bringing its total weekly gain to 7.4 per cent.
Trading activity was muted on the Abu Dhabi Securities Exchange (ADX) General Index amid a lack of interest from investors.
Six shares advanced, six declined, 13 were unchanged and 41 were untraded. The ADX was little changed, down 0.04 per cent, to 2,463.62.
Elsewhere in the region: Kuwait's measure fell 0.3 per cent to 5,837.74; Bahrain's index fell 0.2 per cent to 1,113.88; Oman's MSM 30 Index fell 0.6 per cent to 5,469.99; Qatar's QE Index added 0.1 per cent to 8,328.71.
The Saudi Tadawul All-Share Index gained 0.6 per cent to 6,628.26.
halsayegh@thenational.ae
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Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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