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Dubai blue chip Emaar Properties continued to rebound in heavy trade on Thursday but regional stock markets were mostly lacklustre, partly because of weak global bourses and oil prices.
Emaar, which had been trading near 14-month lows, surged 3.2 percent on Wednesday as some funds returned to the stock, apparently attracted by undemanding valuations compared to emerging market peers.
On Thursday the stock climbed a further 1.8 percent in its heaviest volume this year. However, this failed to lift Dubai’s stock index, which was flat as declining issues outnumbered gainers by 20 to nine.
Saudi Arabia’s index edged up 0.3 percent. Al Jazira Bank closed 0.5 percent lower after the securities regulator approved its request to conduct a 3 billion riyal ($800 million) rights issue.
Saudi Industrial Export Co, which had soared 77 percent in highly speculative trade over the past six days, fell back 10 percent in its heaviest volume since 2013.
In Qatar, the index dropped 0.3 percent as Qatar Islamic Bank went ex-dividend, tumbling 4.1 percent. But Commercial Bank jumped 5.8 percent. Sources told Reuters on Tuesday that the bank had agreed in principle to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank to United Arab Emirates-based Tabarak Investment.
The sale will be finalized shortly with a formal announcement to be made next month, the sources said, declining to be named as the matter is not yet public.
Regardless of the shortened three-day trading week, the bear market continued in Dubai with the Dubai Financial Market General Index (DFMGI) falling 88.39 or 3.31 per cent to end at 2,580.27. This is
The Abu Dhabi index jumped the most in a year as markets adjusted post the MSCI rebalancing of FAB and Etisalat shares even as trading remained thin in other stocks.
The Abu Dhabi Securiti
Qatar stocks surged 1.45 percent yesterday lifting the entire sectoral indexes firmly into green, powered by blue chips. The benchmark index extended Monday’s gain to add 151.51 points before finishi
The Dubai Financial Market (DFM) signed a Memorandum of Understanding (MoU) with Awqaf and Minors Affairs Foundation (AMAF) in order to enhance cooperation and streamline joint procedures pertaining
The Gulf Today
The MSM30 index ended higher to close at 4450.19 points, up by 0.73 per cent. MSM Sharia Index closed at 607.64 points, up by 0.82 per cent. Bank Dhofar Rights Issue 2018 was the most active in terms
Times of Oman