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Shares in Dubai’s Emaar Properties surged to a 65-month high after the firm regained its investment-grade credit rating, while Egyptian shares rose amid a regional uptrend on expectations that the army chief would run for president.
Emaar, Dubai’s largest developer, jumped 4.7 percent to AED8.30. Standard and Poor’s raised its long-term rating of Emaar to BBB-minus, the lowest investment grade, from BB-plus, a confirmation that international investors have regained confidence in Dubai’s property sector as it recovers from its 2008 crash “The credit story is catching up with the equity story,” said Sanyalaksna Manibhandu, senior analyst at NBAD Securities.
Manibhandu said the credit rating would help Emaar secure financing at a cheaper price than before, aiding its profit.
“Equity analysts will be more willing to rerate Emaar, but we already knew the company manages its finances well — by making sure that it has enough financing before they launch their projects,” he added.
NBAD Securities has a price target of AED9.65 for the stock.
Dubai’s benchmark rose 1.5 percent to 3,931 points, up for a third consecutive session to hit a new five-year high. On Wednesday, it confirmed a break above technical resistance at 3,807 points, the 50 percent retracement of its fall from the 2008 peak.
In Egypt, Cairo’s benchmark climbed 1.1 percent but closed just below Sunday’s 45-month high after a Kuwaiti newspaper quoted Egyptian army chief Field Marshal Abdel Fattah Al-Sisi as saying he would run for president.
“Most of the locals are reacting positively to the Kuwaiti report despite the announcement not being official,” said Mohamed Radwan, director of international sales at Pharos Securities.
“Investors believe that all the hype around Sisi is more or less leading the way for an official announcement to come next week.” Many Egyptian investors view Sisi as the best chance for political and economic stability.
Shares in Qatar National Bank Al-Ahly, the Egyptian unit of the big Qatari bank, gained 4.3 percent after the lender proposed a capital increase through bonus shares.
The introduction of technical short-selling in Abu Dhabi Securities Exchange (ADX) will help to attract more institutional investors, boost liquidity and bring the market more in line with internatio
Banks led the Saudi Arabian stock market higher on Thursday after Riyad Bank reported better-than-expected earnings for the third quarter, while builder Drake & Scull jumped in Dubai.
Nasdaq Dubai welcomed today’s listing of a 200 million US dollar bond by Investment Corporation of Dubai (ICD) on the region’s international stock exchange.
The issuance was made under IC
Media Office, Dubai Government
The UAE can become the listings and equities trading hub for the Middle East by "aggressively" reaching out to entice companies in other territories, particularly in Africa, to list on the country's
Companies listed on the Muscat Securities Market (MSM) have posted ‘better than expected’ financial results for the first nine months of 2017, according to stock market analysts.
Times of Oman