Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
THURSDAY, 17 APR 2014
10:08 AM Beirut time
Weather    
Beirut
20 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
Dubai bourse ends above 3,000 for first time in five years
Reuters
A+ A-

DUBAI: Dubai’s bourse closed above 3,000 points for the first time in five years Thursday as investors repositioned into stocks ahead of earnings and dividend season, while Egypt’s bourse rallied on prospects of fresh investment inflows.

Dubai index climbed 0.9 percent to 3,013 points, its highest close since October 2008.

“The positive moves come after a couple of days of consolidation, which created opportunities for people to position into select stocks going into year-end,” said Marwan Shurrab, a fund manager and head of trading at Vision Investments.

Shares in Union Properties rose 1.9 percent, extending year-to-date gains to 165.8 percent. Emaar Properties climbed 1.6 percent and contractor Arabtec added 1.2 percent.

“People are now playing on strong fourth-quarter earnings and dividends. Turnover should go above 1 billion dirhams [$272.26 million] to make investors more comfortable with the uptrend,” Shurrab added.

Market turnover was 672 million dirhams for the session.

Neighboring Abu Dhabi’s measure climbed 0.2 percent to its highest close since the Aug. 25 five-year peak.

Dana Gas was one of the biggest index movers, rising 3.2 percent, after Egypt promised to pay $1.5 billion of the $6 billion it says it owes foreign oil companies including the Sharjah firm.

Some investors also think the firm may start importing natural gas from Iran after a contract delay of 10 years.

Iran’s foreign minister visited the UAE Wednesday, hoping to improve trade ties after Tehran’s deal with world powers that may see sanctions relief if it cuts back on its nuclear development activities.

In Egypt, Cairo’s benchmark index climbed some 0.8 percent in its third straight gain.

Tycoon Naguib Sawiris Wednesday pledged to spend $1 billion in Egypt during the first quarter of 2014.

Sawiris, whose family controls the Orascom corporate empire, was speaking at an investment conference pitched at Gulf Arab states and businessmen, where Egypt officials sought to allay concerns ranging from legal uncertainty to the foreign currency black market.

“We’ve had some positive statements coming from officials, which provide the necessary environment to attract investment on a private level,” said Mohamed Radwan, director of international sales at Pharos Securities.

Heavyweight Commercial International Bank went up by 2.2 percent after a downward price adjustment from a bonus share issue attracted retail investors.

Elsewhere, Saudi Arabia’s benchmark climbed 0.2 percent, Qatar’s index rose 0.5 percent and Kuwait’s measure added 0.4 percent.

 
A version of this article appeared in the print edition of The Daily Star on December 06, 2013, on page 5.
Home Middle East
 
     
 
United Arab Emirates
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Tuesday April 15, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Silencing Ayaan Hirsi Ali’s hate talk
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Putin will keep rolling, until Obama says no
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS