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Thu 16 Apr 2015 12:01 PM

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Emaar Properties lifts Dubai to 2015 high

Oil prices also rose to year high of $63 per barrel; more price rises likely despite market oversupply

Emaar Properties lifts Dubai to 2015 high

Emaar Properties has helped lift the emirate's stock index to its highest level this year after providing optimistic 2015 profit guidance.

Oil prices were also supportive as Brent hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 percent in the previous session, and analysts said more price rises were likely despite market oversupply.

Dubai's index rose as much as 2.1 percent in early trade to 4,024 points, its highest mark since early December, but then trimmed its gains to 1.7 percent and appeared to be struggling with technical resistance at the late December peak of 4,008 points, from which it has pulled back three times in recent months.

The index's main support, Emaar, surged 4.7 percent after the firm forecast a 2015 net profit of 3.695 billion dirhams ($1.01 billion), above the 3.366 billion dirham average forecast from eight analysts surveyed by Thomson Reuters.

Another property firm, DAMAC, jumped 3.9 percent after it said on Thursday its board would discuss the company's dividend distribution policy, along with first-quarter results, at a meeting on April 21. DAMAC paid no cash dividend for 2014 but issued bonus shares.

Most other Dubai stocks also rose, although Dubai Investment fell 1.0 percent after going ex-dividend.

Abu Dhabi's benchmark edged up 0.7 percent with most stocks posting gains. Aldar Properties jumped 3.7 percent.

Real estate names were also strong in Qatar where the main index climbed 0.4 percent. Ezdan Holding added 1.0 percent, Barwa Real Estate rose 0.8 percent and United Development was Doha's top gainer, climbing 1.3 percent.

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