Dubai bourse marches to 2,000 level; property stocks up

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai's real estate stocks open higher, helping the emirate's bourse extend gains as it nears 2,000 points - a key psychological level.

Hopes for strong dividends boost the market. Bellwether Emaar Properties adds 1.1 percent, reaching a new 51-month high. The developer, Dubai's largest firm by market value, will announce results of a board meeting later in the day which is due to discuss 2012 dividends. Many expect the payout to be higher than last two years' 10 fils per share.

Builder Arabtec rises 2.7 percent. The firm will approve 2012 financials and announce dividends in a meeting on February 27. Analysts polled by Reuters expect Arabtec, on average, to post a profit of AED52.5m for the fourth-quarter.

Dubai's benchmark advances 0.5 percent to 1,956 points, its highest level since December 2009. The market triggered a major double bottom formed by the 2012 and early 2011 lows, with a technical target above 2,200 points in coming months.

Abu Dhabi's developers also gain. Aldar Properties and Sorouh Real Estate, two firms in the process of merging, rise 0.6 and 2.1 percent respectively.

The emirate's index climbs 0.2 percent to 3,033 points, staying steady above the psychological level of 3,000 points.

Elsewhere, Kuwait's benchmark ticks up 0.07 percent to 6,409 points, while Oman's measure slips 0.4 percent to 5,941 points.

Related:
Join the Discussion

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

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
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...

Steering clear of the stock markets

Steering clear of the stock markets

Listing was all the rage three years ago, but IPOs have since...

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew