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 pojects 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
 Feb 9 2016 - Jordan to increase commercial, investment trades with AlgeriaMENAFN
(MENAFN) Jordan and Algeria plan to enhance the joint free trade agreement, increase commercial exchange volume and support establishing investments in both nations.Accordingly, both sides are ...

 Feb 9 2016 - Dubai's Falcon City to invest USD 2bn in new projectsMENAFN
(MENAFN) Dubai's Falcon City proclaimed the long-delayed project will attain new life this current year with almost USD 2bn in new developments.Moreover, the project viewed only almost tenth of the ...

 Feb 9 2016 - Lulu Group expands its hypermarket in OmanMENAFN
(MENAFN) Middle East retail Lulu Group spread its presence in the Sultanate of Oman through opening its newest hypermarket in Suwiaq, a coastal town in north east of the country.Furthermore, the new ...

 Feb 9 2016 - UAE- ENEC and TRANSCO sign deal for Barakah Nuclear Power PlantEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 9th February 2016 (WAM) -- The Emirates Nuclear Energy Corporation ENEC has signed the Connection and Interface Agreement C&IA with the Abu ...

 Feb 9 2016 - UAE- Remarks by World Bank Group President Jim Yong Kim at World Government SummitEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 9th February 2016 (WAM)--World Bank Group President Jim Yong Kim has commended the UAE leaders for good governance that helped built the modern and ...

 Feb 9 2016 - Summit in UAE that will benefit the world: paperEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 9th February 2016 (WAM) -- A UAE newspaper has said that world attention remained focused on the UAE on Monday and for valuable reasons. "The ...

 Feb 9 2016 - UN appoints Special Coordinator on improving the United Nations response to sexual exploitationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) New York 9th February 2016 (WAM) -- UN Secretary-General Ban Ki-moon has appointed Jane Holl Lute as a Special Coordinator on improving the United Nations ...

 Feb 9 2016 - UAE- MD CEO of DEWA highlights private sector's contribution to innovating in clean energyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 9th February 2016 (WAM) -- Saeed Mohammed Al Tayer MD & CEO of Dubai Electricity and Water Authority DEWA has noted that Dubai provides the ...

 Feb 9 2016 - UAE Ambassador Italian Justice Minister discuss cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ROME 9th February 2016 (WAM) -- Saqr Nasser Al Raisi UAE Ambassador Extraordinary and Plenipotentiary to Italy and Andrea Orlando Italian Minister of ...

 Feb 9 2016 - OPEC daily basket price announced for 8th February 2016Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) VIENNA 9th February 2016 (WAM) -- The price of OPEC's basket of thirteen crudes stood at US$29.00 a barrel on Monday compared with $29.30 the previous ...

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