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
 Aug 2 2015 - Mine Blast Kills One Soldier, Injures Four in Northeast TurkeyQatar News Agency
(MENAFN - QNA) A Turkish soldier were killed and four others were injured in a mine blast in the Turkish northeast province of Kars, security sources said. Turkey's Anadolu Agency reported that ...

 Aug 2 2015 - Turkish Prime Minister Meets HE Qatar's Minister of State for DefenseQatar News Agency
(MENAFN - QNA) Turkish Prime Minister Ahmet Davutoglu met Sunday with HE Qatar's Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah and his accompanying delegation on the ...

 Aug 2 2015 - HE Prime Minister Meets US Assistant Secretary of StateQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Sunday with US Assistant Secretary of State for Near Eastern Affairs Anne Patterson and ...

 Aug 2 2015 - Kuwait Stock Exchange ends Sunday's session on mixed boardSaudi Press Agency
(MENAFN - Saudi Press Agency) Kuwait Stock Exchange (KSE) ended Sunday's session on mixed board as the weighted index gained 1.42 points reaching 420.33 points, the price index lost 16.99 points ...

 Aug 2 2015 - Muscat Securities Market Loses 2 PointsSaudi Press Agency
(MENAFN - Saudi Press Agency) Muscat Securities Market (MSM) general index (30) today lost (2.86) points, comprising a decline by (0.04%) to close at (6555.32) points, compared to the last session, ...

 Aug 2 2015 - Supervisor of King Salman Center for Relief receives Yemeni Information MinisterSaudi Press Agency
(MENAFN - Saudi Press Agency) Adviser at the Royal Court and General Supervisor of King Salman Center for Relief and Humanitarian Aid Dr. Abdullah bin Abdulaziz Al-Rabiah received Yemeni information ...

 Aug 2 2015 - More than 400,000 Yemenis corrected their situations in the KingdomSaudi Press Agency
(MENAFN - Saudi Press Agency) The General Directorate of Passports announced that the number of brothers of the Republic of Yemen who have corrected their situations of residency in the Kingdom ...

 Aug 2 2015 - Governor of Riyadh Region Receives Pakistan's AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Republic of Pakistan to the Kingdom Manzoor Al-Haq.During the ...

 Aug 2 2015 - Vice Custodian of the Two Holy Mosques Congratulates Niger's President on Independence DaySaudi Press Agency
(MENAFN - Saudi Press Agency) The Vice Custodian of the Two Holy Mosques Prince Mohammed bin Naif bin Abdulaziz has sent a cable of congratulations to President Issoufou Mahamadou of the Republic of ...

 Aug 2 2015 - Iraqis Protest Electricity Shortage During Heat WaveThe Arabian Post
(MENAFN - The Arabian Post) In the Iraqi summer, when the temperature rises above 120 degrees Fahrenheit, electricity becomes even more of a political issue than usual. This past week, at the top of ...

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