Dubai: Dubai and Abu Dhabi stocks showed little upward movements with investors trading cautiously as the first-quarter earnings announcements are set to gather pace this week. Qatari stocks edged back ahead of the blue-chip results planned for later in the day.
Dubai Financial Market edged up 0.1 per cent at 2,629 points with property shares leading the advances. Deyaar Development and Emaar Properties moved upward in another upside rally after reporting massive numbers for the first quarter. Damac Properties, Emaar Development also joined in the bull run as investors bet their earnings too will follow in the footsteps of Emaar and Deyaar on the back of the sector returning to growth path.
Dubai: Dubai stocks scaled new heights with real estate stocks displaying yet another stellar performance after recent upbeat numbers from the sector brightened investor hopes about the developers plotting their patch back to positive growth.
Dubai Financial Market advanced 1.1 per cent to trade at 2,662 points adding to its gains of 2.5 per cent in the prior session, driven by the key developers. Emaar Properties and Emaar Development traded on top of the gainers list, while Damac Properties and Deyaar Development also made crucial contributions to the index advance.
The index has been trending high for the last few weeks, having recorded four successive weekly advances built on positive data from the sector. The more- than-doubling of sales figures by Emaar Properties in the first quarter gave investors a peek into how the sector has performed in the first three months of the year. Numbers from Deyaar Development came in to further enhance the view that real estate firms are boun
Dubai stocks surged with real estate flying high on earnings, while Qatar Exchange jumped to its best day in a year after the Cabinet gave the go-ahead for foreigners to own the entire capital of publicly trading companies.
Dubai Financial Markets soared 1 per cent to trade at 2,599 points after real estate outperformed as investors received one more cue that property companies are returning to the growth path. Deyaar Development announced a surge in quarterly profits to Dh15.1 million, up from Dh2.6 million reported for the first three months last year. Its topline jumped 51 per cent to Dh149.2 million for the same period.
UAE and other GCC stocks soared, driven by a combination of factors from fairly good-looking first-quarter numbers and Qatar s foreign ownership limit removal to oil demand outlook and lower consumer inflation in Saudi Arabia.
Dubai Financial Market scaled 2.5 per cent higher at 2,633 points, making for the second-sharpest single-day rise this year as Emaar Properties soared 6 per cent for its best performance year-to-date. The index was further boosted as the rally expanded to the rest of the property shares, with Emaar Development up 5 per cent, while Damac Properties and Deyaar Development raced beyond 3 per cent.
Earnings extend rally
Dubai s real estate sector saw an upside in most of the recent sessions, buoyed by more than a two-fold uptick in Emaar sales numbers and which could indicate how property firms have fared in the first-quarter. The argument was further backed up by Deyaar Development, whose profit figures came in at more than five times last year. Its topline e
Other GCC markets also moved higher with banks winning back investors Saudi Arabian stocks snapped four days of consecutive losses with banking shares leading the advances while other GCC markets also traded higher as their lenders rebounded Image Credit: Bloomberg
Dubai: Saudi Arabian stocks snapped four days of consecutive losses with banking shares leading the advances while other GCC markets also traded higher as their lenders rebounded from a lacklustre performance in the previous session.
Saudi Arabia s benchmark index edged 0.1 per cent at 9,848 points with Alrajhi Bank and Riyad Bank moving upward by 0.8 and 2 per cent respectively. However, the gains were limited by weakness in material shares as petrochemical maker Sabic sagged 2.2 per cent as investors buying it on Wednesday will not entitle for the last declared payout and those selling it will do as the stock was trading ex-dividend.