Dubai Financial Market records largest gain over the week

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The Dubai Financial Market recorded the largest gains of any major market in the region during the week, climbing 3.4 per cent over the week to 17 April.

Some brokers had predicted that investors would stay away from the market until the largest companies had reported their earnings over the coming weeks. Investors were understood to be nervous that the US-led global economic slowdown could hit shares in the Gulf.

However, the main Dubai market finished the week on 5,616 points, up from 5,432 at the start of the week.

The UAE's smaller real estate and construction companies drove the market. Grand Real Estate Projects Company, Union Properties and Arabtec Holding Company grew by 13.4 per cent, 6.6 per cent and 9.2 per cent respectively over the week.

By contrast, the AED68bn ($18.5bn) Emaar Properties finished the week up just 0.5 per cent.

Du, the holder of the UAE's second mobile phone licence, gained 8.9 per cent. Investors seemed confident that the country's mobile market is continuing to expand rapidly despite its high level of penetration.

Saudi Arabia's main index, the TASI, gained 1.4 per cent to finish the week at 9,630 points despite falls at Sabic, Al-Rajhi and Kingdom Holdings, three of its largest stocks.

The Kuwait Stock Exchange gained 0.6 per cent to reach 14,774 points at the end of 17 April.

The Cairo & Alexandria Stock Exchanges (CASE) suffered a rare fall. The main Case 30 index dropped 0.5 per cent to 11,574 points. The index would have finished the week even lower, but for a rally on 17 April that saw it gain 2.3 per cent during the session.