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Dubai Shares Climb, Led by Gulf General, Arabtec; TA-25 Gains

Investors at the Dubai Financial Market. Photographer: Charles Crowell/Bloomberg
Investors at the Dubai Financial Market. Photographer: Charles Crowell/Bloomberg

Nov. 21 (Bloomberg) -- Dubai shares rose for the first time in four days as Gulf General Investment Co.’s profit more than doubled and on speculation earnings at Arabtec Holding PJSC will improve. Egyptian and Israeli benchmarks also advanced.

Gulf General surged 4.9 percent, the most in more than two weeks. Arabtec, the United Arab Emirates’ biggest construction company, gained the most since Nov. 9. Dubai’s DFM General Index advanced 0.9 percent to 1,702.71 at the 2 p.m. close in Dubai. The market opened for the first time since Nov. 14 after the Islamic holiday. Egypt’s stock gauge climbed 1.5 percent, while Qatar’s measure advanced 1.3 percent.

“Investors are seeing a good opportunity to buy Arabtec on speculation of an improved fourth quarter,” said Kifah Maharmeh, general manager at Al Dar Shares & Bonds Brokerage in Abu Dhabi. “The good movement on Arabtec is shifting to other stocks.”

Arabtec gained 3.2 percent to 1.91 dirhams. The shares have declined 15 percent this month as the company reported a 96 percent slump in third-quarter profit on Nov. 7. They trade at 9.7 times earnings. That compares with 15 times earnings for Dubai’s benchmark index. The company may report a profit of 103 million dirhams ($28 million) in the fourth quarter after a loss in the year-earlier period, according to an analyst estimate compiled by Bloomberg.

Bonds Rise

Gulf General rose to 51.4 fils. The investor in industrial projects and real estate said third-quarter net income jumped to 53.5 million dirhams from 22.2 million dirhams in the year-earlier period.

Emaar, builder of the world’s tallest skyscraper, increased 1.9 percent, the most since Nov. 9, to 3.71 dirhams.

Israeli stocks rose for a third day, with the TA-25 Index climbing 0.9 percent. Government bonds rose with the yield on the benchmark 5 percent Mimshal Shiklit due January 2020 dropping 3 basis points to 4.51 percent.

Makhteshim-Agan Industries Ltd. tumbled 4.8 percent to 17 shekels. China National Chemical Corp., which is in talks to buy the world’s biggest maker of generic crop chemicals, asked that Makhteshim’s value be reduced by more than $300 million.

Saudi Arabia’s Tadawul All Share Index fell 0.3 percent. Kuwait’s gauge gained 0.3 percent. Bahrain’s measure added 0.2 percent, while Abu Dhabi’s ADX General Index lost 0.2 percent. Oman’s MSM30 Index dropped 0.1 percent.

Related News and Information: Middle East stock market news: {NI ARABWRAP <GO>} Top stock market news: {TOP STK <GO>} Gulf stock movers: {TNI GULF MOV <GO>} Global market map: {MMAP <GO>} Stories on Gulf stocks: {TNI GULF STK <GO>} World equity index monitor: {WEI <GO>} Today’s top regional news: {TOP MIDEAST <GO>} Most-read stock market stories: {MNI STK <GO>}

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net Claudia Maedler in Dubai at cmaedler@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler in Dubai at cmaedler@bloomberg.net

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