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
 Jun 26 2016 - Saudi Arabia chooses financial planners for USD10bn bondMENAFN
(MENAFN) Saudi Arabia has picked Citigroup, HSBC and JP Morgan to arrange its new USD10 billion bond, local financial sources reported.Banks had pitched for roles on the transaction earlier this ...

 Jun 26 2016 - Dubai's new industrial vision to generate USD44bMENAFN
(MENAFN) Dubai has announced its new Industrial Strategy, which will oversee 75 initiatives to add USD44 billion to the emirate's economy.The plan has been approved by Vice President and Prime ...

 Jun 26 2016 - Turkey Anel grasps USD66m in DohaMENAFN
(MENAFN) Turkish-based Anel Mepa has won an USD66.5 million contract for the Red Line of Doha Metro scheme, a report said.In detail, the agreement includes building automation and management and ...

 Jun 26 2016 - Oman engineering college kick off solar projectMENAFN
(MENAFN) The Sultan Qaboos University (SQU) College of Engineering said it's currently working on a new solar project.In detail, the USD559 thousand project is expected to generate electricity with ...

 Jun 26 2016 - Damac awarded USD817m deals in H1MENAFN
(MENAFN) Damac Properties, a UAE firm, said it had awarded 25 construction and consultancy contracts worth USD817 million during the first half of this year.In detail, the leading luxury real estate ...

 Jun 26 2016 - Saudi, UAE say no big financial effect from BrexitMENAFN
(MENAFN) Saudi Arabia and UAE said that they did not expect remarkable effect to their financial institutions after Britain's vote to leave the European Union."Kingdom had already made some ...

 Jun 26 2016 - UAE Embassy in distributes Ramadan aid to Muslims in VietnamEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) HANOI, 26th June, 2016 (WAM) -- The UAE Embassy in Vietnam has overseen the distribution of food aid to 150 underprivileged Muslim families in the Nghia ...

 Jun 26 2016 - Qatar Petroleum announces integration of TasweeqEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOHA, 26th June, 2016 (WAM) -- Qatar Petroleum, QP, the state owned petroleum company in Qatar, has announced the integration of Qatar International ...

 Jun 26 2016 - UAE- Ajman Chamber organises 4th diplomatic forum and discusses economic cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 26th June, 2016 (WAM) -- The Ajman Chamber of Commerce and Industry, ACCI, organised the 4th edition of its annual Ramadan Diplomatic Forum aimed at ...

 Jun 26 2016 - UAE Space Agency and Lockheed Martin partner to train next generation of UAE national space talentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June, 2016 (WAM) -- The UAE Space Agency has signed a Memorandum of Understanding, MoU, with Global technology leader, Lockheed Martin, to ...

more...


 





Google

 
 

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