09/09/2014 01:01 AST
Stock markets in Qatar and Dubai resumed their uptrend yesterday after mild profit-taking in the previous session, while most markets in the region moved little in the absence of fresh catalysts.
Qatar’s bourse edged up 0.6% but, for the second time this month, failed to hold above 14,000 points. Conglomerate Industries Qatar was the main support, gaining 1.1%.
Dubai’s index climbed 1.1% to 5,091 points after briefly dipping below the psychologically important 5,000 point level early in the session.
Emaar Properties, the emirate’s largest listed developer, was the main support, rising 1.8%. The company plans to float its malls unit this month and subscriptions for the shares will open on September 14.
The offer would be one of the largest equity sales in the Middle East since 2008, and Emaar has said it would allocate a substantial portion of the shares to the retail investors who dominate Dubai’s stock market.
Some IPO shares will be earmarked for Emaar’s own shareholders as of Sept. 10, which looks likely to support the stock in the next two sessions.
Abu Dhabi’s bourse rose 0.5% to 5,186 points, a three-month closing high, as telecommunications firm Etisalat, its largest listed company, added 0.4% and large lenders Abu Dhabi Commercial Bank and First Gulf Bank gained 0.7 and 0.5% respectively.
The benchmark faces resistance at 5,255 points, its May peak.
Saudi Arabia’s stocks were mixed and its main index rose just 0.07%. Heavyweight Saudi Basic Industries pulled back 0.5%. But shares in construction firm Abdullah Abdul Mohsin Al Khodari Sons Co jumped 4.2% after the company said on Sunday that it would diversify into solar and nuclear energy projects.
Saudi Real Estate Co rose 1.4% after the firm said it would pay a 5% dividend for the first half of 2014, the same as a year earlier, and that shareholders as of September 10 would be eligible.
Egypt’s main index pulled back 0.2% after hitting a six-year closing high in the previous session. Investment banks Pioneers Holding and EFG Hermes were among the main drags, down 3.9 and 2.2% respectively.
Shares in Ezz Steel rose 0.6%. Cairo-based Naeem Brokerage said in a note yesterday that, in response to a request from the brokerage, Ezz Steel had denied rumours that it was considering a capital increase or a rights issue to fund a new facility - which would dilute the stakes of existing shareholders.
Elsewhere in the Gulf, Kuwait’s index slipped 0.08% to 7,467 points; Oman’s measure pulled back 0.08% to 7,491 points, while Bahrain’s index slipped 0.3% to 1,467 points.
Reuters
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