Property shares lift Dubai bourse, RAK Ceramics climbs

Dubai’s bourse rises in early trade as investors target property-related shares, while telecommunications operator Etisalat limits gains by Abu Dhabi’s benchmark after an earnings miss.

Builder Arabtec climbs 2.3 percent after saying its unit won a 1.04 billion dirham $282 million contract to build over 1,500 townhouses for the emirate’s top developer, Emaar Properties.

Dubai’s index advances 1.4 percent to 4,180 points, heading for its second gain since Monday’s two-week low. The measure is up 24.1 percent year-to-date but has been trading within a range of 131 points for three weeks, with analysts worrying the market may have become overheated. Dubai surged 108 percent in 2013 but remains 34 percent below its 2008 peak.

In Abu Dhabi, Ras Al Khaimah Ceramics rises 3.9 percent after a source told Reuters that its top shareholder, the ruling family of Ras Al Khaimah, was exploring a possible sale of all or part of its stake in the firm.

via Property shares lift Dubai bourse, RAK Ceramics climbs – Stocks –