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The Dubai index moved higher on Wednesday, boosted by the announcement of a joint venture between Emaar Properties and Aldar Properties.
The Dubai Financial Market (DFM) General Index closed 0.75 per cent higher at 3,206.70.
Emaar Properties gained 2.19 per cent to close at Dh6.07, while Aldar rose 2.78 per cent to Dh2.22. “The Emaar-Aldar alliance is helping sentiment. We think it is a positive in that they would have access to each other’s expertise and or land bank. Nonetheless, the extent of collaboration needs to be seen,” said Vrajesh Bhandari, portfolio manager with Al Mal Capital.
Emaar Development closed more than 2 per cent higher to Dh5.46 while Drake and Scull ended the day 2.82 per cent higher at Dh1.82. Air Arabia gained 0.68 per cent to close at Dh1.29.
The Abu Dhabi Securities Exchange index ended the day 0.91 per cent higher at 4,566.66. Watania surged 8.33 per cent to end at Dh0.52, while Taqa gained 5.88 per cent to close at Dh0.72. Saudi Arabia’s Tadawul index closed 0.48 per cent higher at 7,761.74.
“Saudi Arabia has been strong as we approach the FTSE decision at the end of March. It is more selective now on and investors will focus on companies that stand to benefit from current reforms, especially the push for Saudisation,” Bhandari said.
After underperforming its regional peers last year, Saudi equities have gained 6.9 per cent so far in the year amid firm oil prices and the implementation of a slew of government reforms.
This performance compares with a more than 5.5 per cent loss on the DFM General Index. In stock-specific action, Dar Alarkan Real Estate Development Co gained 3.53 per cent to close at 11.44 Saudi riyals, while Alinma Bank was up 0.60 per cent to end the day’s session at 20.20 riyals.
Elsewhere in the Gulf region, the Qatar Exchange index eased 1.16 per cent to end at 8,873.38 while the Muscat MSM 30 index closed 0.30 per cent higher at 4,796.23.
The MSM30 index ended higher to close at 4452.91 points, up by 0.03 per cent. MSM Sharia Index closed at 603.43 points, down by 0.12 per cent. Oman Fisheries was the most active in terms of volume wh
Times of Oman
Shares of Deyaar Properties and Salama Insurance fell in a firm Dubai market on Wednesday as traders resorted to profit-taking.
Deyaar Properties closed 2.11 per cent lower to be at Dh0.46
QSE benchmark index rose 1.25 percent to 10,157 points, confirming a break above technical resistance at 10,003-10,028 points. The market is up 19.17 percent year-to-date (YTD).
Kuwait stocks pulled higher on Wednesday, recouping most of the previous session’s losses. The All Shares Index climbed 13.71 points in volatile session to 5,008.02 pts helped by Humansoft Holding a
The MSM30 index ended lower to close at 4451.65 points, down by 0.20 per cent. MSM Sharia Index closed at 604.13 points, down by 0.27 per cent. Bank Nizwa was the most active in terms of volume while
Times of Oman