Dubai crosses 3,000 for 1st time in 5 yrs; Egypt rallies

http://www.microrate.com/media/cheap-quality-essay-onlines.php cheap quality essay onlines

http://www.chdcnr.org/docs/best-research-paper-service.php best research paper service

Shares in Union Properties rose 1.9 percent, extending year-to-date gains to 165.8 percent. Emaar Properties

climbed 1.6 percent and contractor Arabtec added 1.2 percent.

“People are now playing on strong fourth-quarter earnings and dividends. Turnover should go above 1 billion dirhams ($272.26 million) to make investors more comfortable with the uptrend,” Shurrab added.
Market turnover was 672 million dirhams for the session.

Neighbouring Abu Dhabi’s measure climbed 0.2 percent to its highest close since the Aug.25 five-year peak.

Dana Gas was one of the biggest index movers, rising 3.2 percent, after Egypt promised to pay $1.5 billion of the $6 billion it says it owes foreign oil companies including the Sharjah firm.

Some investors also think the firm may start importing natural gas from Iran after a contract delay of over 10 years.

Iran’s foreign minister visited UAE on Wednesday, hoping to improve trade ties after Tehran’s deal with world powers that may see sanctions relief if it cuts back on its nuclear development activities.

In Egypt, Cairo’s benchmark index climbed 0.8 percent in its third straight gain.

Tycoon Naguib Sawiris on Wednesday pledged to spend $1 billion in Egypt during the first quarter of 2014.

Sawiris, whose family controls the Orascom corporate empire, was speaking at an investment conference pitched at Gulf Arab states and businessmen, where Egypt officials sought to allay concerns ranging from legal uncertainty to the foreign currency black market.

“We’ve had some positive statements coming from officials, which provide the necessary environment to attract investment on a private level,” said Mohamed Radwan, director of international sales at Pharos Securities.

Heavyweight Commercial International Bank climbed 2.2 percent after a downward price adjustment from a bonus share issue attracted retail investors.

Elsewhere, Saudi Arabia’s benchmark climbed 0.2 percent, Qatar’s index rose 0.5 percent and Kuwait’s measure added 0.4 percent.

THURSDAY’S HIGHLIGHTS

DUBAI

* The index rose 0.9 percent to 3,013 points.

ABU DHABI

* The index climbed 0.2 percent to 3,940 points.

EGYPT

* The index advanced 0.8 percent to 6,332 points.

SAUDI ARABIA

* The index gained 0.2 percent to 8,244 points.

QATAR

* The index gained 0.5 percent to 10,389 points.

KUWAIT

* The index advanced 0.4 percent to 7,765 points.

OMAN

* The index slipped 0.2 percent to 6,769 points.

BAHRAIN

* The index ticked up 0.06 percent to 1,198 points.

(REUTERS)


Leave a Reply