Dubai's index closes at nine-week high

Investors bet that Q4 results will be positive; Oman, Saudi bourses end Sunday down
By Reuters
Sun 30 Dec 2012 04:44 PM

Dubai's index ended Sunday at a nine-week closing high as investors bet that good fourth-quarter earnings will be announced early next year.

The index ended 1.1 percent higher at 1,629 points, its highest finish since October 24. Blue chip Emaar Properties led the gains, rising 1.9 percent, and Air Arabia climbed 4.3 percent. Property developer Deyaar rose 2.9 percent.

"Investors are betting on good earnings in the fourth quarter and maybe a good rally next month," said Mohab Maher, senior manager at the institutional desk for MENA Corp.

Oman's index ended 0.8 percent higher at 5,730 points with most stocks advancing. Bank Muscat was the main gainer, advancing 2.0 percent.

"I think the Oman index could end the year at the 5,800 level or above. The local and foreign buying in the market is positive, and I think we will see a rally at the beginning of 2013," said Adel Nasr at United Securities in Muscat.

Meanwhile, Saudi Arabia's index declined 0.9 percent, more than giving up gains from Saturday's session.

The kingdom announced a 2013 state budget on Saturday which analysts said was likely to support continued strong economic growth next year.

However, this was not a surprise, while weak global oil prices are pushing down Saudi petrochemical stocks, weighing on the index. Saudi Basic Industries Corp dropped 1.1 percent.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.