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
 May 3 2015 - Tunisia says Jews safe after Netanyahu raises specterArab News
(MENAFN - Arab News) TUNIS: Tunisia said Sunday security measures have already been taken to protect Jewish pilgrims at a religious festival next week on the island of Djerba after Israel warned of ...

 May 3 2015 - US air attacks hit 19 Islamic State targetsArab News
(MENAFN - Arab News) WASHINGTON: The United States and its allies staged 19 strikes on Islamic State targets in Iraq and Syria in a 24-hour period ending Saturday the Combined Joint Task Force said ...

 May 3 2015 - Syrian air raid near school kills 4 childrenArab News
(MENAFN - Arab News) BEIRUT: Syrian activists say a government airstrike near a school in the northern city of Aleppo has killed at least seven people including children. The Aleppo Media Center ...

 May 3 2015 - Ethiopian Israelis denounce police brutality discriminationArab News
(MENAFN - Arab News) TEL AVIV: Thousands of Ethiopian Israelis protested in central Tel Aviv on Sunday against police brutality and institutionalized discrimination an AFP correspondent said. The ...

 May 3 2015 - Carter laments 'intolerable' Gaza situationArab News
(MENAFN - Arab News) JERUSALEM: Former US President Jimmy Carter has said that eight months after a bloody war in the Gaza Strip the situation there remains 'intolerable.' Carter and his delegation ...

 May 3 2015 - Pleasant weather forecast over next three daysJordan News Agency
(MENAFN - Jordan News Agency) The weather on Sunday is expected to be pleasant in the hilly areas and moderate in other parts of the Kingdom with northwesterly moderate winds.According to the Jordan ...

 May 3 2015 - Israeli forces destroy hundreds of acres in NablusJordan News Agency
(MENAFN - Jordan News Agency) Israeli forces destroyed hundreds of acres of cultivated lands on Sunday in the Khirbet Al-Tawil area east of Nablus in the West Bank.Member of the Popular Committee ...

 May 3 2015 - WHO pushes the health diplomacy agenda forward in a fourth high level seminar in CairoJordan News Agency
(MENAFN - Jordan News Agency) The World Health Organization Regional Office for the Eastern Mediterranean Saturday started the fourth seminar on health diplomacy in Cairo, Egypt.The seminar is ...

 May 3 2015 - Israeli occupation forces hold military maneuvers in West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Sunday started large military training and maneuvers in the northern West Bank.Israeli Radio said that these maneuvers which will last until ...

 May 3 2015 - 650 trucks with goods, construction materials enter GazaJordan News Agency
(MENAFN - Jordan News Agency) Some 650 trucks loaded with commercial goods and construction materials entered the Gaza Strip on Sunday as the Israeli occupation authorities reopened the Karam Abu ...

more...


 






Google

Internatinal Property Show

 
 

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