Dubai bourse bullish after chart barrier breaks

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Dubai's bourse could test new highs on Sunday after breaking technical resistance at the end of last week, while Kuwait may continue rebounding on the back of signs that the regulator may become less aggressive towards the market.

The main Dubai index, which closed at a five-year high of 4,304 points on Thursday, broke above 4,242-4,255 points, the February peaks.

Stocks which previously led the market - Emaar Properties and Arabtec - lost steam towards the end of last week; NBK Capital cut Arabtec to a "hold" on Thursday after its sharp gains.

But other stocks such as Dubai Investments Co, which jumped 5.0 percent on Thursday, and Dubai Islamic Bankappeared to take over as catalysts for the market's rally.

In an event which could stimulate fresh interest in Dubai's equity market, real estate investment trust Emirates REIT said on Sunday that it had set the price range for its initial public offer of shares at $1.36 to $1.56 per share, and expects the listing on Nasdaq Dubai to occur around the middle of April. It would be Dubai's first IPO since 2009.

Kuwait appeared to establish at least a short-term bottom last week and then rebound in rising volume after theCapital Markets Authority, after talks with the commerce ministry, said it might extend a year-end deadline for listed companies to comply with new corporate governance rules if it found there were "real obstacles".

Its stricter stance towards the market in recent months has unsettled retail investors who account for the bulk of trading.

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Market Performance

Dubai Financial Market
3.54
0.08 2.31 (%)
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