Dubai Stocks Hit Highest Level Since July as Emaar Shares Lead Dh11 Billion Gain

The market capitalisation of Dubai-listed shares climbed to Dh1.012 trillion from Dh1.001 trillion at Friday's close. Emaar Properties, Emaar Development and Emirates NBD led 40 gaining stocks. The two Emaar companies alone drew Dh774 million of trading, or 72.9% of the market's total turnover of Dh1.06 billion. Emaar Development's shareholders are weighing a Dh15 a share buyout offer from Emaar Properties, which runs until December 10.

The rebound followed a sell-off in global technology and AI stocks last week and coincided with gains on Wall Street, where the Nasdaq, S&P 500 and Dow Jones each opened more than 1% higher on Monday.

Among other Dubai gainers, National General Insurance rose 5.1% and Dubai Financial Market, the exchange operator, added 4.8%. Dubai Refreshments fell 5% and United Foods 4.96%. Emirati investors were net buyers of Dh67.4 million, with purchases of Dh656.7 million against sales of about Dh589.3 million.

In Abu Dhabi, the FADGI index gained 0.96% to 9,483.09 points. ADNOC Gas was the most traded stock, at about Dh357.4 million, and rose 4%, followed by Aldar Properties at Dh195.4 million and First Abu Dhabi Bank at Dh115.34 million. Fertiglobe climbed 4.56%, while Dana Gas, whose Khor Mor field in Iraq halted production after a drone attack at the weekend, fell 2.5%.

Elsewhere in the region, Saudi Arabia's TASI rose 0.90% to 10,107 points on turnover of 4.3 billion riyals, Qatar's index added 0.93%, Kuwait's 0.23% and Bahrain's 0.01%, while Muscat slipped 0.42%. Egypt's EGX30 rose 1.19% to 51,414 points.

Investors' next test comes on Tuesday, when the US releases October consumer price data that will shape expectations for a possible interest rate rise in December.