Shares in Dubai’s Emaar Properties rise in early trade after its Saudi unit posted a surge in 2012 earnings, helping lift the emirate’s bourse, while Qatar falls to its lowest level in three weeks.
Emaar rises 1.8 percent to AED5.12, accounting for half of all shares traded. The stock matches the 51-month high hit on February 11.
“Waiting for a retracement lower towards the 4.75 support level, or alternatively the confirmed break of the 5.15 resistance level, in order to reinstate ‘long’ (buy) positions,” MENA Corp says in a note.
Saudi-listed Emaar Economic City said its net income for 2012 jumped 129 percent as sales increased.
A tentative recovery in Dubai’s real estate sector in 2012 buoyed interest in Emaar. But property prices are still far from their 2008 peak, having fallen about 50 percent from their peak.
Builder Arabtec gains 0.7 percent and National Central Cooling (Tabreed) adds 0.6 percent.
Dubai’s measure climbs 0.7 percent to 1,936 points, its highest level since December 2009.
Abu Dhabi’s benchmark slips 0.2 percent to 3,017 points, easing away from Thursday’s 39-month high.
In Qatar, Doha Bank goes ex-dividend and drops 7.4 percent.
Heavyweight Industries Qatar sheds 1.2 percent. The energy firm posted a slight gain in fourth-quarter net profit to QAR1.8bn but missed estimates. The board proposed a cash dividend of QAR8.5 per share and a 10 percent bonus share distribution.
The index slips 0.5 percent to 8,691 points, reaching its lowest level since January 31.
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