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Pennystocks surge at Dubai market

Amid bullish input from New York where the lead index Dow Jones Industrial Average crossed the 18,000 points for the first time, the Dubai exchange measure DFM General Index jumped 3.04 per cent to hit 3,832.53 points on Wednesday, December 24. The index gained 26 per cent since its 2014-low hit at 3,033 points on Dec 17 (“Black Tuesday”).

Investors were looking in particular for shares with a value of lower than one AED. GGICO gained the most, closing 9.09 per cent higher at AED0.588. Dubai Parks and Resorts Dubai Parks was listed earlier in the month at AED2.5 billion ($689 million) by Dubai’s state-owned developer Meraas Holding as the first company from the tourism and hospitality sector. Dubai Parks and Resorts is under construction (see picture) in Jebel Ali near the Dubai–Abu Dhabi border. It will host the theme parks motiongate™ Dubai, Bollywood Parks™ Dubai, and LEGOLAND® Dubai. The first phase will cost AED10.6bn ($2.9bn). The leisure park is scheduled to be open for guests in October 2016.

The shares of Arab Insurance Group or ARIG lost the most, ending off 8.82 per cent at AED1.55. Emaar as the most liquid share finished 2.85 per cent higher at AED7.58.
Gérard Al-Fil