Dubai’s stock market edged higher yesterday, lifted by property stocks, as investors positioned portfolios ahead of second-quarter results.
Drake & Scull International, a contracting firm, advanced 2.2 per cent to 82 fils. Emaar Properties gained 1.2 per cent to Dh3.27. Arabtec Holding, another Dubai contractor, rose 1.3 per cent to Dh2.98. The Dubai Financial Market General Index closed 0.7 per cent higher at 1,527.95.
“Retail investors are excited about Q2 numbers,” said Marwan Shurrab, the chief trader at the asset-manager Gulfmena Investments in Dubai.
“The main blue-chips are in focus, while increased turnover today helped break key resistance levels and attracted medium-term investors.”
Brent crude rose 1.1 per cent to US$103.55 per barrel, as investors pinned hopes on the United States Federal Reserve chairman Ben Bernanke introducing additional measures to boost the nation’s economy.
In Abu Dhabi, Aldar Properties was unchanged at Dh1.11, while Sorouh Real Estate closed 0.9 per cent higher to Dh1.02. RAK Properties was unchanged at 32 fils.
Eleven stocks rose, four declined, seven were unchanged and 44 were untraded.
The Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2,462.75.
Elsewhere in the region: Kuwait’s measure was little changed, down 0.07 per cent, to 5,856.05; Bahrain’s measure added 0.1 per cent to 1,116.43; Oman’s MSM 30 Index added 0.1 per cent to 5,504.14; Qatar’s QE Index gained 0.2 per cent to 8,314.33 points.
The Saudi Tadawul All-Share Index rose .7 per cent to 6,588.81.
The Tadawul All-Share Index (TASI) continued its upward march for the third con
Banks Sector Drives DFM Index Higher
The DFM General Index dug in at 2,352.21 points on Sunday 20th May 2013.The index spending almost the entire session in the green zone added 56.20 points or 2.45 percent.
Market Cap indices
Key Sectors Lead Gains at Qatar Exchange
The QE Index continued pacing its way higher throughout the day to close Sunday’s (20th May 2013) trading in the green territory at 9,009.43, achieving 1.03 percent or 92.53 points for the session. <