Dubai small-caps help drive bourse higher

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai's small-caps helped its stock market extend gains as retail investors dominated on Thursday, but other regional markets were mixed.

There was little institutional activity as many investors were away on holidays.

Deyaar Development and Ajman Bank rose 2.9 and 3.0 percent respectively. Dubai Financial Market, the Gulf's only listed bourse, advanced 3.7 percent.

Shares in Shuaa Capital closed 2.1 percent higher at 0.595 dirhams after wild trading which saw them soar as high as 0.67 intra-day. The stock surged 15 percent on Wednesday.

The company declined to comment on the share price move and traders said they knew of no major, fundamental news behind it; instead, they said, short-term traders appeared to be speculating with the stock in response to the volatility.

This month the stock dropped as low as 0.49 dirhams, near this year's multi-year low of 0.43 hit in January, and this may have seemed a good base for a rally to some speculators.

Dubai's index climbed 0.4 percent on Thursday and 0.6 percent this week. Abu Dhabi's measure advanced 0.3 percent, edging up 0.2 percent from last Thursday's close; the index failed a test this week of chart resistance at 2,640 points, which was support in mid-October and late November.

In Doha, the index slipped 0.2 percent to its lowest close since July 31. The market, down for a fifth straight session, went as low during the day as chart support at 8,308 points, its intra-day low on December 13.

"Recently most markets have been range-bound due to the lack of local catalysts and the fact that the earnings season will start very soon," Al Masah Capital said in a note.

"Markets are expected to keep trading within a tight range until investors get some clarity on the fiscal cliff negotiations."

European shares were steady and the euro edged higher on Thursday, as U.S. lawmakers prepared to resume negotiations to avoid a fiscal crunch.

Elsewhere in the Gulf, Kuwait's benchmark slipped 0.2 percent, while Oman's index climbed 0.3 percent, halting a three-day dip.


Market Performance

Dubai Financial Market
-0.01 -0.66 (%)
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
Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

Blood on the bourse floor

Blood on the bourse floor

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

Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 14
    Dubai Int'l T1 is too congested, says Indian airline boss

    Question: All you people, criticizing my comment, do you work for Air India by any chance?

    Additionally, for all the whiners, I will provide you... more

    Tuesday, 31 March 2015 12:50 PM - Mosa
  • 9
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah