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Dubai’s stock market rose sharply on Wednesday, helped by real estate shares, while Qatar gained on the back of its banks, even as the rest of the Middle East was largely quiet.
In Dubai, the index climbed 1.2 percent, with Emaar Properties advancing 2.5 percent to 5 dirhams and DAMAC Properties rising 3.6 percent. Arqaam Capital said in a report on Tuesday that while there were no real signs of improvement in the Dubai property market in the third quarter, earnings might be nearing the trough of their cycle. It recommended a “buy” rating for Emaar with a target price of 8.40 dirhams. Dubai Islamic Bank added 0.2 percent after its third-quarter profit rose 10.8 percent, in line with analysts’ estimates. Emirates NBD gained 2.5 percent.
The Saudi Arabian index fell 0.9 percent, weighed down by blue chips such as Al Rajhi Bank, which fell 1.9 percent, and SABIC, which dropped 1.3 percent.
But Bawan Co, which has been trading at record lows, climbed 3.5 percent after its unit signed an agreement to supply Saudi Electricity Co. with substations for SR269.8 million ($72 million). The company said the financial impact of the deal would appear in the first half of 2019.
Saudi Industrial Export jumped 10 percent after approving a capital increase through a rights offer. The rights issue will begin trading on Oct. 15. Egypt’s blue-chip index, which has fallen 15 percent since the end of August, was up 0.2 percent as Commercial International Bank rebounded 1 percent.
The MSM30 index ended lower to close at 4416.90 points, down by 0.70 per cent. MSM Sharia Index closed at 610.19 points, down by 0.10 per cent. Bank Dhofar was the most active in terms of volume whil
Times of Oman
Bargain buying that was seen in the last few sessions halted on Sunday. UAE stocks like Damac Properties, Amlak witnessed further selling on mild recovery, indicating a bearish outlook despite stock
Calm trades, some deals, shifting positions and entry of local individuals, were some of the key highlights of market trends over the previous week. MSM30 closed the week down by 2.21 per cent at 4,
Oman Daily Observer
The Kuwaiti Ministry of Commerce and Industry has issued a decision allowing foreign investors to own and trade in Kuwaiti banks’ shares. But the approval of the Central Bank of Kuwait (CBK) should
The Dubai Financial Market (DFM) general index extended gains for a second straight day, closing 1.5 per cent higher at 2,573.45 on strong buying in Emaar Properties in the last 30 minutes of trade.<