Real estate stocks give Dubai a lift; Abu Dhabi up

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai's index edges higher after two sessions of declines, supported by property and construction stocks.

Heavyweight Emaar Properties and builder Arabtec each rise 1 percent.

Dubai's index advances 0.5 percent to 1,897 points. The market hit an intraday high of 1,917 points on Monday, just shy of the psychologically key 2,000-point level.

The market, supported by strong fundamentals, is benefiting from bullish technical indicators. Analysts say that after breaking recent resistance levels, the index can target 2,200 points in the short to medium term.

Abu Dhabi's measure gains 0.5 percent to 2,938 points, a fresh 35-month high.

In Oman, shares in Oman Telecommunications recover from an early-session dip and gains 0.8 percent. The telecom operator reported a 10-percent fall in fourth-quarter profit on Tuesday, missing analysts' estimates.

Bank Muscat shares rise 1.29 percent. The lender said on Wednesday it expected to complete a capital increase, through a private placement with an international institution, by the end of the month.

Muscat's benchmark climbs 0.3 percent to 5,887 points, its highest since April 2012.

Elsewhere, Qatar's index climbs 0.4 percent to 8,814 points and Kuwait rises 0.4 percent to 6,381 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
Events that moved the markets

Events that moved the markets

What, if anything, have we learnt from past crises that have...

Big Gulf sell-off fuelled by credit, lax regulation

Big Gulf sell-off fuelled by credit, lax regulation

New impetus to governments in the region to improve financial...

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...

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
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 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