(MENAFN -Khaleej Times) the dfm general index rose one per cent to 4347 points at the close on sunday extending the seven-day advance to more than 10 per cent
Dubai’s bourse rallied for a seventh day led by emaar on the back of rising investor confidence as markets across the gcc showed mixed reaction on sunday to positive us economic data.
The dfm general index rose one per cent to 4347 points at the close on sunday extending the seven-day advance to more than 10 per cent. last week the measure broke above technical resistance at 4242-4255 points.
Investors monitor stock information on a computer at the dubai financial market. the dfm general index rose one per cent to 4347 points at the close on sunday. — kt file photo
Emaar properties which resumed last week’s rally added 1.6 per cent to dh9.83 although sunday’s trading volume was significantly lower than last week. emaar’s recent rally has been triggered by the announcement of a dividend hike and a plan to list its shopping mall subsidiary. drake & scull international advanced 4.2 per cent.
Abu dhabi’s benchmark index increased 0.2 per cent to 4795 points.
Dubai’s 20 billion debt restructuring deal with abu dhabi and the uae central bank the upcoming initial public offering (ipo) by emaar’s retail unit land gains in the us underscored current positive momentum in the uae according to analysts.
The dfm index has more than doubled in the past 12 months. the benchmark measure has had three winning streaks of seven days or more this year as it gained almost 29 per cent making it the top performer among more than 90 indexes tracked by bloomberg.
Other gainers in dubai were property developer deyaar and construction firms arabtec holding and drake and scull.
Real estate investment trust emirates reit said on sunday that it had set the price range for its initial public offer of shares at 1.36 to 1.56 per share and expects the listing on nasdaq dubai to occur around the middle of april. it would be dubai’s first ipo since 2009.
Bahrain’s index climbed 0.8 per cent largely on the back of arab banking corp which jumped 7.1 per cent. the stock surged last month after news that the bank was hiring standard chartered banker ray ferguson as its group chief banking officer; it then retreated and is now climbing back to the recent peak.
Kuwait’s index slipped 0.2 per cent and bahrain’s gained 0.8 per cent. oman’s lost 0.2 per cent and qatar’s measure fell 0.2 per cent. saudi arabia’s tadawul all share index advanced 1.3 per cent to 9425 points its highest level since july 2008. most stocks closed in the black including petrochemicals banks cement makers and food producers.
The saudi index which includes several large petrochemical companies such as saudi basic industries eased throughout last week as oil prices retreated. brent crude however partly recovered on friday. the surge cane as two saudi companies — water and power project developer acwa power and the kingdom’s largest lender national commercial bank — revealed steps towards listing their shares last thursday.
Egypt’s benchmark egx 30 index extended gains into a fifth day rising 0.3 per cent to 8486.63points in cairo the highest level on a closing basis since august 2008. medinet nasr housing was among 17 rising stocks on the index surging seven per cent to 30.50 egyptian pounds set for the highest close since june 2009.