Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai extends gains, other markets mixed  Join our daily free Newsletter

MENAFN - The Peninsula - 12/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Dubai's bourse rose further yesterday after a choppy session as it tried to break free of the 4,000-point psychological resistance level, while other regional markets were narrowly mixed because of a lack of fresh catalysts.



The Dubai index climbed one percent to a fresh five-year closing high of 4,065 points after rebounding from an intra-day loss of roughly one percent - a sign that buyers remain ready to step in on any weakness in the market.



"Expectations for the earnings we haven't seen yet are high and given the state of emerging markets, there is some interest in dollar-pegged markets like the United Arab Emirates (UAE) from countries where currencies are under pressure," said Amer Khan, head of asset management at Shuaa Asset Management



Mid-cap shares led gains with Dubai-based contractor Drake and Scull rising 3.5 percent after the company said a unit won a Dh375m (102m) contract from local developer Nakheel. This followed a string of recent contract wins. Abu Dhabi's measure slipped 0.5 percent, however, easing off a 66-month high.



In Kuwait, the measure advanced 0.2 percent to extend its 2014 gains to 4.1 percent. Sentiment was moderately positive after the government approved 12bn worth of bids for major upgrades at two oil refineries as part of the country's delayed mega-development plan.



Last year, the market was dampened by renewed disappointment at the pace of projects and investments; many delays were due to political tensions between the cabinet and parliament, and to bureaucratic inertia.



So any progress in big infrastructure projects is seen as encouraging



Saudi Arabia's benchmark slipped 0.2 percent, easing off Monday's five-year high.



The market is up 3.8 percent year-to-date, underperforming Gulf peers as investors find fewer attractive buying opportunities and many wait for clarity on the extend of damage to companies from tight labour supplies due to a crackdown on illegal foreign workers



Banking shares weighed with Al Rajhi down 1.4 percent and the sector index retreating 0.8 percent. "There is uncertainty on the impact from the labour shortage - we would like to see things bottom out from an earnings perspective," said Shuaa's Khan.



Egypt's benchmark index ticked up 0.1 percent as real estate-related shares rose.



Most of the market's recent gains have been due to anticipation of progress towards a democratically elected government with presidential and parliamentary elections due



"All good news is priced in - now investors will wait to see more positive news coming from the political arena plus the implementation of the new economic policy, and if companies are able to benefit from that," said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. Egypt's interim government unveiled on Monday its second stimulus package, which will inject 33.9bn Egyptian pounds (4.87bn) into the economy.



Meanwhile, the dollar and prices on global equity markets rose yesterday after US Federal Reserve Chair Janet Yellen said she expects the US central bank to continue trimming its bond purchases, a sign the Fed believes the economy is on track for further growt

 


The Peninsula




  MENA News Headlines
 Nov 28 2014 - UAE hints at body to monitor forex pegThe Peninsula
(MENAFN - The Peninsula)   An advisory body to the UAE government has suggested that the central bank review the country's currency peg to the US dollar, but local bankers said any change to the peg ...

 Nov 28 2014 - Qatar bourse index down by 3.72pc last weekThe Peninsula
(MENAFN - The Peninsula)  Qatari bourse fell on heavy selloff on latest Opec pessimism on output cut. The benchmark index plunged by 1.39 percent to finish at 13,330 yesterday.The entire sector ...

 Nov 28 2014 - Qatar calls for creating Common Islamic MarketThe Peninsula
(MENAFN - The Peninsula)  Speaking on behalf of all Arab countries, Qatar's Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, yesterday at the Ministerial Session of ...

 Nov 28 2014 - Saudis block Opec output cutThe Peninsula
(MENAFN - The Peninsula)  Saudi Arabia blocked calls yesterday from poorer members of the Opec oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude ...

 Nov 28 2014 - Don't bypass oil firm, Libya rival govt warnsThe Peninsula
(MENAFN - The Peninsula)  Libya's parallel government controlling the capital will take legal action against buyers of oil bypassing the Tripoli-based state oil firm National Oil Corporation (NOC), ...

 Nov 28 2014 - Qatar Airways partners with Coca Cola IPTLThe Peninsula
(MENAFN - The Peninsula)  Qatar Airways (QA) has teamed up with Coca-Cola International Premier Tennis League (IPTL) as the presenting sponsor for the inaugural edition of the event.The IPTL is the ...

 Nov 28 2014 - Aljazeera to hold global hackathonThe Peninsula
(MENAFN - The Peninsula)   Aljazeera is organising its first hackathon where some of the most innovative minds in media and technology from around the globe will work together and collaborate on the ...

 Nov 28 2014 - GCC 'Summit key to boosting unity'The Peninsula
(MENAFN - The Peninsula)  H M King Hamad bin Isa Al Khalifa of Bahrain yesterday met GCC Secretary-General Dr Abdullatif bin Rashid Al Zayani, who is on a GCC tour.King Hamad stressed the importance ...

 Nov 28 2014 - India- New visa rules to boost tourist numbersThe Peninsula
(MENAFN - The Peninsula)   Tourists travelling to India from 43 countries, including the US, will no longer have to queue at their local consulates to obtain visas after New Delhi yesterday announced ...

 Nov 28 2014 - Pakistan talking to Qatar about LNG imports in 2015The Peninsula
(MENAFN - The Peninsula)  Energy-starved Pakistan is negotiating with Qatar to begin imports of liquefied natural gas (LNG) early next year, Pakistan's petroleum minister said on Friday.Pakistan is ...

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