(MENAFN -Khaleej Times) dubai?s stock index the world?s best-performer this year advanced to the highest in more than five years as first-quarter earnings expectations spurred investor sentiment
The dfm general index rose 1.3 per cent to 4438.35 the strongest close in the emirate since september 2008. shuaa capital psc surged 5.6 per cent. qatar’s gauge increased 0.7 per cent the strongest close in almost three weeks.
Dubai’s 4.9 per cent economic expansion in 2013 helped companies in the emirate to boost their earnings. shuaa returned to profit last year after making losses since 2008.
The dfm general index rose 1.3 per cent to 4438.35 points the strongest close in the emirate since september 2008. dubai’s 4.9 per cent economic expansion in 2013 helped companies in the emirate to boost their earnings. — kt photo
The dfm index has advanced 32 per cent this year making it the top performer among more than 90 indexes tracked by bloomberg. “we should expect some positive surprises in terms of earnings for first quarter and investors want to be positioned before that” sebastien henin head of asset management at the national investor said by phone from abu dhabi.
The market is continuing “positive momentum” from the last week he said. shuaa gained to dh1.51 after earlier surging as high as dh1.64. the stock has gained the maximum allowed twice in three days on speculation that its income could get a boost from rising public offerings in the uae and the government may sell a stake in the investment bank.
The company said it has been appointed to manage the ipo of able logistics group in dubai on sunday.
Aramex jumped 3.8 per cent to dh3.25 the highest since april 2006. the shares have gained 46 per cent in the last 12 months. qatar’s gauge advanced for a fourth day. kuwait’s index was little changed and bahrain’s gained 0.2 per cent. oman’s dropped 0.1 per cent and abu dhabi’s measure rose 0.9 per cent.
Saudi arabia’s tadawul all share index advanced 0.2 per cent at 1:29pm in riyadh. egypt’s egx 30 index dropped 2.2 per cent sliding a second day after the announcement that field marshall abdel fatah al seesi will seek the country’s presidency.