Gulf General Investment Company (GGICO) rallied yesterday after the company, whose portfolio consists of everything from property to oil lubricants, said it had “formally completed the restructuring agreements” with all its financiers.
GGICO’s shares jumped 8 per cent to 35 fils on the Dubai Financial Market.
Other stocks also rose, helped by bullish global investor sentiment.
Emaar Properties, the developer behind the world’s tallest skyscraper, advanced 6.5 per cent to Dh3.08.
Tamweel, the Sharia-compliant mortgage company, gained 5.1 per cent to Dh1.23.
“You have the Saudi mortgage law and its effect on Emaar economic city and Emaar company,” said Tariq Qaqish, the deputy head of asset management at Al Mal Capital in Dubai. “Investors are looking for value right now.”
The Dubai Financial Market General Index closed 2.5 per cent higher to 1,502.21 points.
Etisalat was unchanged at Dh9.20 after the UAE’s biggest telecommunications operator said it appointed Eissa Al Suwaidi as chairman, replacing Mohammad Omran.
RAK Properties added 3 per cent to 34 fils. Waha Capital gained 1.8 per cent to 54 fils.
The Abu Dhabi Securities Exchange General Index gained 0.3 per cent to 2,466.13.
Elsewhere in the region, Kuwait’s measure added 0.2 per cent to 5,894.33. Bahrain’s index was little changed, up 0.03 per cent, to 1,121.46. Oman’s MSM 30 Index fell 0.7 per cent to 5,578.38. Qatar’s QE Index gained 0.7 per cent to 8,256.68.
The Saudi Tadawul All-Share Index moved up 2.10 per cent to 6,885.27.
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