Font Size

- Aa +

Wed 29 Apr 2009 10:05 AM

Font Size

- Aa +

Dubai sees largest one day rise since March 24

UPDATE 7: UAE property stocks resurgent, du adds 5% after releasing healthy Q1 profits .

Dubai's index ended 3.3 percent higher at 1,597 points, its largest one-day rise since March 24 as gainers outnumber losers 18 to one.

Emaar Properties climbed 3.5 percent ahead of its annual meeting late Wednesday, while Dubai Investments jumped 14.5 percent after announcing a stock and cash dividend.

Emirates Integrated Telecommunications(du) added five percent as first-quarter profits hit AED47m.

Abu Dhabi's benchmark also closed higher, rising 2.2 percent to 2,497, its biggest one-day gain for four weeks.

Emirates Telecommunications Corp(Etisalat) is the prime driver, climbing 1.9 percent, while banks recover some of their recent losses.

National Bank of Abu Dhabi surged 5.6 percent and First Gulf Bank edged up 1.1 percent.

Property stocks were resurgent. Aldar Properties and Sorouh Real Estate both added more than five percent after falling heavily for the previous four sessions.

Qatar's index ended higher for the fifth session in six, while Kuwait's benchmark also advanced.

The Doha benchmark rose 0.9 percent to 5,476 points, with speculators pushing Qatar Real Estate Investments and Barwa Real Estate up 6.9 and 3.4 percent respectively. The two firms are in talks to merge.

"Qatar is the worst performing Gulf market this year and so should see increased interest from regional investors - liquidity is being recycled from over-performing to under-performing markets," said Sunil Dhall, vice-president at Gulf Baader Capital Markets in Muscat.

Kuwait's measure climbed 0.8 percent to 7,548 points, its third advance in four trading days as volumes surged to an eight-session high.

The two most-traded stocks made huge gains, with Gulf Finance House jumping 8.8 percent, while Al Safwa Group rose 8.1 percent.

The Bahrain index ended higher, rising 1.1 percent to 1,597 points in its largest one-day gain for two

Oman's index closed higher for the first session in five, rising 0.7 percent to 5,085 points as trading volumes fell to a three-week low.

Galfar Engineering and Renaissance Services were the standout gainers, climbing 4.4 and 4.6 percent respectively.

"Oman shares need a trigger to take them significantly higher," said Sunil Dhall, vice-president at Gulf Baader Capital Markets in Muscat.

"May is usually a slow month as we start to enter summer and there's nothing on the horizon for investors to look forward to. The market will probably remain listless, with a slight downward trend."

Saudi Arabia's index closed at a 24-week high, pushed up by its four largest stocks.

The benchmark rose 2.8 percent to 5,626 points, its highest finish since Nov. 10 and fifth advance in six trading days.

Saudi Basic Industries Corp (SABIC) climbed 5.3 percent, while most of the other blue-chips make gains.

Al-Rajhi Bank added 4.8 percent and Saudi Telecom Co rose 4 percent. Samba Financial Group advanced 3.2 percent.

"Saudi Arabia's economy is well cushioned from the global downturn," said Sunil Dhall, vice-president at Gulf Baader Capital Markets in Muscat. (Reuters)