Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Dubai extends gains, other markets mixed  Join our daily free Newsletter

MENAFN - The Peninsula - 12/02/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - The Peninsula) Dubai's bourse rose further yesterday after a choppy session as it tried to break free of the 4,000-point psychological resistance level, while other regional markets were narrowly mixed because of a lack of fresh catalysts.



The Dubai index climbed one percent to a fresh five-year closing high of 4,065 points after rebounding from an intra-day loss of roughly one percent - a sign that buyers remain ready to step in on any weakness in the market.



"Expectations for the earnings we haven't seen yet are high and given the state of emerging markets, there is some interest in dollar-pegged markets like the United Arab Emirates (UAE) from countries where currencies are under pressure," said Amer Khan, head of asset management at Shuaa Asset Management



Mid-cap shares led gains with Dubai-based contractor Drake and Scull rising 3.5 percent after the company said a unit won a Dh375m (102m) contract from local developer Nakheel. This followed a string of recent contract wins. Abu Dhabi's measure slipped 0.5 percent, however, easing off a 66-month high.



In Kuwait, the measure advanced 0.2 percent to extend its 2014 gains to 4.1 percent. Sentiment was moderately positive after the government approved 12bn worth of bids for major upgrades at two oil refineries as part of the country's delayed mega-development plan.



Last year, the market was dampened by renewed disappointment at the pace of projects and investments; many delays were due to political tensions between the cabinet and parliament, and to bureaucratic inertia.



So any progress in big infrastructure pojects is seen as encouraging




Saudi Arabia's benchmark slipped 0.2 percent, easing off Monday's five-year high.



The market is up 3.8 percent year-to-date, underperforming Gulf peers as investors find fewer attractive buying opportunities and many wait for clarity on the extend of damage to companies from tight labour supplies due to a crackdown on illegal foreign workers



Banking shares weighed with Al Rajhi down 1.4 percent and the sector index retreating 0.8 percent. "There is uncertainty on the impact from the labour shortage - we would like to see things bottom out from an earnings perspective," said Shuaa's Khan.



Egypt's benchmark index ticked up 0.1 percent as real estate-related shares rose.



Most of the market's recent gains have been due to anticipation of progress towards a democratically elected government with presidential and parliamentary elections due



"All good news is priced in - now investors will wait to see more positive news coming from the political arena plus the implementation of the new economic policy, and if companies are able to benefit from that," said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. Egypt's interim government unveiled on Monday its second stimulus package, which will inject 33.9bn Egyptian pounds (4.87bn) into the economy.



Meanwhile, the dollar and prices on global equity markets rose yesterday after US Federal Reserve Chair Janet Yellen said she expects the US central bank to continue trimming its bond purchases, a sign the Fed believes the economy is on track for further growt

 


The Peninsula




  MENA News Headlines
 Feb 20 2017 - Cold snap continues with frost formation overnightJordan News Agency
(MENAFN - Jordan News Agency) Amman, Feb.19 (Petra) -- A slight rise in temperatures is expected on Sunday, but they remain 2-3 degrees below their seasonal average; therefore it will continue to be ...

 Feb 20 2017 - Israeli forces arrest 14 Palestinians in West BankJordan News Agency
(MENAFN - Jordan News Agency) Ramallah, Feb. 19 (Petra)--Israeli occupation forces on Sunday, arrested 14 Palestinians from various West Bank cities. The Palestinian Prisoner Society said in a ...

 Feb 20 2017 - Jordan's ambassador to Kenya presents credentialsJordan News Agency
(MENAFN - Jordan News Agency) Nairobi, Feb.19 (Petra) -- President of the Republic of Kenya, Uhuru Kenyatta, on Saturday received the credentials of Jordan's first resident Ambassador to the African ...

 Feb 20 2017 - Border Guards foil infiltration attemptJordan News Agency
(MENAFN - Jordan News Agency) Amman, Feb. 19 (Petra)--Border Guards aborted an attempt by a number of Arab and foreign nationals to infiltrate the borders, according to an official source at the ...

 Feb 20 2017 - ASE opens on lower noteJordan News Agency
(MENAFN - Jordan News Agency) Amman, Feb.19 (Petra) -- The Amman Stock Exchange (ASE) on Sunday opened trading with a drop to 2209 points compared to 2213 points of yesterday's session closure. ...

 Feb 20 2017 - 449 Palestinians arrive in Gaza Strip through Rafah border crossingJordan News Agency
(MENAFN - Jordan News Agency) Gaza, Feb. 19 (Petra)--A total of 449 Palestinians arrived in the Gaza Strip through the Rafah border crossing after the Egyptian authorities opened the crossing ...

 Feb 20 2017 - Extremist settlers storm Al-Aqsa mosque complexJordan News Agency
(MENAFN - Jordan News Agency) Ramallah, Feb.19 (Petra) -- Groups of extremist Jewish settlers, early Sunday, stormed Jerusalem's flashpoint Al-Aqsa Mosque compound, according to a Palestinian ...

 Feb 20 2017 - 81 people injured in 103 accidentsJordan News Agency
(MENAFN - Jordan News Agency) Amman, Feb. 19 (Petra) -- Eighty-one people were injured in 103 road and other accidents in the last 24 hours, according to the Civil Defence Department. It said ...

 Feb 20 2017 - Labour Minister, ALO chief discuss cooperationJordan News Agency
(MENAFN - Jordan News Agency) Amman, Feb. 19 (Petra) -- Minister of Labour, Ali Ghazawi, and the Director-General of the Arab Labour Organization (ALO) , Fayez Al Mutairi, Sunday discussed ...

 Feb 20 2017 - Palestinian student critically wounded by Israeli troopsJordan News Agency
(MENAFN - Jordan News Agency) Ramallah, Feb 19 (Petra) –– Israeli occupation forces on Sunday shot and critically wounded a Palestinian student when they fired rubber bullets outside a school near ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help