Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
SUNDAY, 20 APR 2014
07:00 AM Beirut time
Weather    
Beirut
21 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
UAE shares resume bull run as Qatar, Egypt slip
Reuters
A+ A-

DUBAI: United Arab Emirates stock markets surged Tuesday, resuming their bullish momentum after a sluggish start to the week, while weak earnings ahead of a new share listing weighed on Qatar. Other regional markets were mixed.

Dubai’s index rose 1.8 percent, taking its 2014 gains to 24.5 percent – though it has remained in a range since hitting a five-year high on Feb. 17.

Shares in Union Properties led trading volumes and jumped 5 percent. The firm Monday proposed increasing the limit on foreign investors’ ownership of it to 25 percent.

Firms in the United Arab Emirates and Qatar are preparing for an upgrade of their markets to emerging market status by index compiler MSCI, which will take place at the end of May.

This is expected to draw about $500 million worth of passive foreign funds to each market, and more money in other types of funds.

In Qatar, Nakilat, formally called Qatar Gas Transport Co., fell 2.2 percent after one of the world’s largest shippers of liquefied natural gas posted a 13 percent drop in fourth-quarter net profit Tuesday. It made a net profit of 176.5 million riyals ($48.5 million), trailing an analyst’s estimate of 201 million riyals.

Qatar Islamic Bank tumbled 6.2 percent after the date passed for investors to qualify for its dividend.

 
A version of this article appeared in the print edition of The Daily Star on February 26, 2014, on page 5.
Home Middle East
 
     
 
arab stocks / Qatar / Economics
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
Story Summary
United Arab Emirates stock markets surged Tuesday, resuming their bullish momentum after a sluggish start to the week, while weak earnings ahead of a new share listing weighed on Qatar.

Dubai's index rose 1.8 percent, taking its 2014 gains to 24.5 percent – though it has remained in a range since hitting a five-year high on Feb. 17 .
Related Articles
 
 
Egypt extends profit-taking as Sisi enters presidential race
Foreigners target key UAE, Qatar blue chips before MSCI upgrade
 
 
Dubai stocks drop most in month on overdone rally
 
 
Cairo stocks drop as Sisi presidential run sparks profit-taking
 
 
J.P. Morgan profits dented as trading slides
Entities
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- Saturday April 19, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Why Israeli-Palestinian talks fail
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Echoes of 1914 characterize the Ukraine crisis
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