Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Real estate stocks buoy UAE equities to fresh 5-year high  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The emirate's index so far surged 87 per cent this year, making it one of the best-performing markets in the world.

Dubai's index has so far surged 87 per cent in 2013. - KT photo

UAE stock markets sustained an upward trend on Sunday and hit a fresh five-year high on buying in real estate and banking shares.

The Dubai Financial Market, or DFM, which started trading 15 minutes late due to a technical fault, further built up the momentum in the wake of Dubai securing the right to host World Expo 2020 and noted fresh interests in its property and construction firms.

The DFM's benchmark stock index rose to the highest in more than five years and closed at 3,055.95 points, up 1.41 per cent, the highest since November 2008. Trading volumes rose to 586.72 million shares with 22 companies out of 31 traded in positive columns.

The emirate's index so far surged 87 per cent this year, making it one of the best-performing markets in the world.

Abu Dhabi's small-caps lifted the market to a five-year high as local investors hunted for laggards. The main index rose 1.27 per cent to close the day at 3,989.62 points, its highest close since September 2008.

"The market climbed on strong rise in real estate stocks, and some banking shares. The investor sentiments remained positive in the wake of Dubai Expo 2020 and the strong underlying UAE economy," Saleem Khokhar, head of equities at National Bank of Abu Dhabi's Asset Management Group, told Khaleej Times.

Emaar Properties climbed 3.07 per cent and remained most active traded scrip with 142.98 million shares. Arbtec, which awarded a contract worth nearly 1 billion to build a hospital in Al Ain, advanced 1.52 per cent with 117.08 million shared changed hands yesterday.

In the banking sector, Dubai Islamic Bank rose 2.53 per cent and Emirated NBD fell 0.72 per cent.

Air Arabia and DFM Company rose 1.41 per cent and 1.31 per cent, respectively and supported the benchmark index.

"Market trend is positive, however, we are approaching year-end and holiday season, this might have on impact on liquidity and volatility," Khokhar said, adding that real estate and banks are likely to continue to attract investor attention in coming days.

In the capital, Abu Dhabi Ship Building and Union Cement recorded a 14.8 per cent increase each while National Takaful Company soared 14.4 per cent in heavy trading as volumes increased to 537.33 million shares from 491.88 million traded on Thursday.

National Bank of Abu Dhabi and First Gulf Bank closed at Dh12.8 and Dh18.2, respectively. Etisalat shares slightly fell and closed at Dh11.55.

In regional markets, Egypt's main index rose 2.4 per cent to 6,484 points and Saudi's Tasi advanced 0.9 per cent to 8,321 points. Qatar's benchmark gained 0.5 per cent to 10,437 points, Kuwait's main index was up 0.1 per cent to 7,773 points while Bahrain's measure rose 0.2 per cent to 1,200 points. Oman's market ticked up 0.02 per cent to 6,770 points.u

 


Khaleej Times




  MENA News Headlines
 Dec 22 2014 - Kuwait- Al-Azemi wins endurance horse raceArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 21 (KUNA): Female equestrian Abrar Al-Azemi won the 'Al-Qudra wa Al-Tahammul' (capability and endurance) horse race held on Sunday as part of the Kuwait's Fifth ...

 Dec 22 2014 - Saudi Kuwait say no oil output slash even if non-OPEC nations doArab Times
(MENAFN - Arab Times) ABU DHABI Dec 21 (AFP): The Saudi and Kuwaiti oil ministers said Sunday that their countries would not cut oil production even if non-OPEC members reduce their output to shore ...

 Dec 22 2014 - Kuwait: 1760 illegal residents get drivers' licenses in '14Arab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 21 (KUNA): A total of 1760 drivers' licenses were issued for illegal residents in the first nine months of 2014 the Central Agency for Remedying Illegal ...

 Dec 22 2014 - Iraq premier thanks Kuwait for compensation defermentArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 21 (KUNA): Visiting Iraqi Prime Minister Haider Al-Abadi expressed his gratification at the Kuwaiti government's acceptance to defer Iraq's payment of ...

 Dec 22 2014 - Saudi King's bid to heal Qatar-Egypt ties hailedArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 21 (KUNA): His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on Saturday sent a cable to Saudi King Abdullah bin Abdulaziz Al Saud to congratulate ...

 Dec 22 2014 - Kuwait- Al-Sanea opens Awqaf Forum on 'behalf' of Crown PrinceArab Times
(MENAFN - Arab Times) KUWAIT Dec 21 (KUNA): Minister of Justice and Minister of Awqaf and Islamic Affairs Yaqoub Al-Sanea on Sunday said stability of legislative and executive powers led to achieving ...

 Dec 22 2014 - Kuwaitis to visit UK easily via e-visa by 1st half 2015Arab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 21 (KUNA): The Kuwaiti-British committee tasked with bolstering bilateral relations was due to hold a meeting in Kuwait last week but it was delayed till early ...

 Dec 22 2014 - UAE- Watch: A spacecraft's trial by fire as it returns to EarthKhaleej Times
(MENAFN - Khaleej Times) The video begins 10 minutes before Orion's splashdown in the Pacific Ocean just as the spacecraft was beginning to experience the Earth's atmosphere. New York: A video ...

 Dec 22 2014 - UAE- Video shows Boko Haram killing captivesKhaleej Times
(MENAFN - Khaleej Times) Boko Haram militants have released a new video showing gunmen mowing down civilians lying face down in a dorm googletag. A new video from Nigeria's home-grown Boko Haram ...

 Dec 22 2014 - UAE- Kate Winslet in Jobs movieKhaleej Times
(MENAFN - Khaleej Times) Given the pedigree of the pic its no surprise Winslet was drawn to the role. Kate Winslet is in negotiations for the female lead in Universal’s Jobs the biopic of the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help