Morgan Stanley's initiation of coverage on Emaar Properties with an "overweight" rating enabled the Dubai Financial Market (DFM) to close up yesterday.
The DFM General Index gained 0.9 per cent to 1,512.90, shaking off some of the losses from earlier this week. Emaar led the risers, adding 1.2 per cent to Dh3.25.
In a note to investors, Morgan Stanley said Emaar offered strong recurring revenue through malls and hotels in Dubai, and has exposure to non-UAE property markets.
Emirates NBD, the country's largest lender by assets, firmed 2.8 per cent to Dh2.50 as investors took a rosier view of the bank's earnings this week.
Aramex and Dubai Islamic Bank added 1.1 and 1 per cent to Dh1.73 and Dh1.98, respectively.
The market is also drawing strength from "global equities and an improving economic scenario", said Chahir Hosni, the equities sales manager at EFG-Hermes in Dubai.
The Abu Dhabi Securities Exchange General Index continued its sideways movement on low volumes, dropping 0.5 per cent to 2,547.33, with only 29.1 million shares traded.
Adel Merheb, a technical analyst at Shuaa Capital, said the index "continues to flirt with the much-highlighted resistance at 2,570 and a decisive upside break is required before stretching for significant gains".
Aldar Properties was among the major losers, dropping 1.6 per cent to Dh2.45. The telecommunications operator Etisalat dropped 2.4 per cent to Dh10.15
Qatar rose the most in the region, by 1.1 per cent. Muscat was up 0.8 per cent, while Bahrain added 0.7 per cent. Kuwait's main measure retreated 0.2 per cent and Saudi shares declined 0.1 per cent.
skhan@thenational.ae
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Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
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Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
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Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
