Bluechips lift Dubai bourse to 33-month high

Emaar Properties climbs 3.6 percent and top lender Emirates Bank rises 1.5 percent

Dubai's heavyweight banking and property stocks lift the emirate's index to a fresh 33-month high above a long-term resistance level.

Emaar Properties climbs 3.6 percent and top lender Emirates Bank rises 1.5 percent.

Dubai Financial Market, the Gulf's only listed bourse, adds 2.4 percent, accounting for nearly a quarter of all shares traded on the index.

Hopes for strong fourth-quarter earnings, dividend payouts and an improving outlook for equities in 2013 have buoyed investor sentiment.

"UAE markets are making a real turnaround," says Musa Haddad, head of investment advisory services at National Bank of Abu Dhabi. "The economy is growing faster than others, new projects are coming in and confidence is back in the debt market."

Dubai's index rises 1.5 percent to 1,819 points, its highest finish since April 2010. It closes above major chart resistance at 1,778 points - the 2012 high hit in March last year - and the October 2010 peak of 1,793 points.

For a break-out, it would need to close above these levels for at least two successive sessions, which would trigger a major double bottom formed by the 2012 and early 2011 lows, with a technical target above 2,200 points in coming months.

"Volumes are picking up and any dip at this time is a good buying opportunity," Haddad adds.

"We see more potential in prices for 2013 - valuations are still low because we're coming off a low base."

Abu Dhabi's benchmark rises 0.6 percent to finish at 2,800 points, its highest since February 2011.

National Bank of Abu Dhabi climbs 0.9 percent. Analysts polled by Reuters on average expect the bank's fourth-quarter net profit to rise 21.1 percent.

In Qatar, the measure slips 0.6 percent to 8,641 points, easing from Thursday's two-week high.

Qatar National Bank sheds 1.5 percent. Masraf Al Rayan and Commercial Bank of Qatar each fall 1.6 percent.

Related:
Topics
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Danger zone: what would the wider impact of a slowdown in China have on the Gulf?

Last week’s stock market crash in China sent shockwaves through...

2
Blood on the bourse floor

Blood on the bourse floor

Arabtec’s share price collapse was the catalyst for a huge sell...

Taking stock

Taking stock

Gulf stock markets have seen a dearth of IPOs since the global...

Most Discussed
  • 5
    How Saudi Arabia blundered into OPEC oil cut

    Before Saudi Arabia's decision to move to unlimited production, analysts broadly thought break-even for shale was usd80. After the move, shale producers... more

    Tuesday, 30 May 2017 12:44 PM - Anastasios Dalgiannakis
  • 2
    One killed, 14 injured in multiple Dubai crashes

    The drivers should pay attention to driving and not their phones, social media is the problem, see it everyday, cars all over the road taking up 2 lanes... more

    Tuesday, 30 May 2017 9:07 AM - Good driver
  • 1
    The cost of the US laptop ban

    US is really making crazy decisions and deals will not help anybody citizens or travellers. confused president and his rules more

    Tuesday, 30 May 2017 9:04 AM - philip butler
  • 19
    It's time for restaurants to stop shaming smokers

    Comparing Driving to Smoking is the most shameless ploy to convince people that we should not persecute smokers.

    If your vehicle hits someone... more

    Thursday, 25 May 2017 12:47 PM - Elkhorn
  • 9
    Revealed: huge disparity in Dubai school fees

    I recall a recent study by Alpen Capital suggesting that the average cost of a child's entire life of schooling in Dubai is about AED 1 million. Although... more

    Monday, 29 May 2017 9:21 AM - New Expat
  • 5
    How Saudi Arabia blundered into OPEC oil cut

    Before Saudi Arabia's decision to move to unlimited production, analysts broadly thought break-even for shale was usd80. After the move, shale producers... more

    Tuesday, 30 May 2017 12:44 PM - Anastasios Dalgiannakis
sponsoredTracking