Citylife Ad
Sep 2, 2010
  The Gulf Today
 Home
 UAE
 Middle East
 Asia
 World
 Business
 Sports
 Entertainment
 Editorials
 Features
 Letters
 Panorama
 TimeOut


  Go Dubai Services
 Daily Horoscope
 Tip of the day
 Recipe of the day
 Joke of the day
 Weather
 Events (UAE)
 Press releases
 Prayer timings
 Opinion poll

Want to know the cheapest airfare to your dream destination?

Ask Our Travel Experts

Other Experts

  • Medical Doctors
  • Alternative Therapists
  • Finance Consultant
  • Real Estate Agents
  • Computer Experts
  • Beauty Therapists
  • Auto Expert
  • Seeking Experts
  •   Asia
    Dubai leads Gulf shares

    DUBAI: Dubai’s benchmark stock index rose for the first time this week, leading Gulf markets higher, on speculation recent declines are overdone given growth prospects and after Chinese manufacturing quickened more than expected.

    Emaar Properties, the developer of the world’s tallest skyscraper in Dubai, increased 0.9 per cent and Emirates Integrated Telecommunications Co. rose 2.9 per cent. The DFM General Index advanced 0.3 per cent, the most since August 29, to 1,487.83.

    The Bloomberg GCC 200 Index increased 0.5 per cent. “Day traders look at global market movements as signals to enter or leave the market” and today’s gains are a rebound from recent declines, said Humam Al-Shamaa, economic adviser at Al-Fajer Securities in Abu Dhabi. “The gains are limited as volumes are extremely low.”

    A decline of 6.9 per cent over the past six months has left the 32 companies in Dubai’s benchmark index valued at 5.86 times estimated earnings, data compiled by Bloomberg show. That compares with 12.03 times for the MSCI Emerging Markets Index.

    The MSCI Asia Pacific Index gained 1.4 per cent after China’s Purchasing Managers’ Index rose to 51.7 in August from 51.2 in July, exceeding the median 51.5 forecast in a Bloomberg survey of 17 economists.

    The Standard & Poor’s 500 Index advanced yesterday after gains in home prices and consumer confidence tempered concern the US economy is faltering.

    About 33 million shares traded in Dubai so far on Wedensday, compared with a six-month daily average of 153 million.

    Emaar advanced for the first time since Aug. 26, to Dhs3.29 and Emirates Integrated, the smaller of two UAE phone companies, climbed to Dhs2.15, the highest since June 27.

    Tadawul advances

    Qatar’s gauge increased 0.3 per cent and Saudi Arabia’s Tadawul All Share Index advanced 0.4 per cent.

    Bahrain’s measure rose 0.2 per cent, while the Kuwait Stock Exchange Index lost 0.3 per cent.

    Abu Dhabi’s ADX General Index slipped 0.1 per cent and Oman’s MSM30 Index was little changed.

    Saudi banks also gained. Samba Financial Group and Al-Rajhi Bank added 1.2 and 0.7 per cent respectively. Saudi’s index rose 0.9 per cent.

    “Banks are up because they have low exposure to international markets,” said Onazi.

    “There is usually a rally after Ramadan, so maybe some people are taking speculative positions now ... we are into a fourth month of trading between 6,000 and 6,300 points and volumes are setting new lows.”

    These conditions make an imminent rally unlikely, Onazi said, but Musa Haddad, head of MENA equity desk at National Bank of Abu Dhabi, was more bullish, forecasting Middle East markets would outperform their global peers from now until year-end.

    “We could soon see a flow of funds from international investors coming into MENA markets, so now is a good time to start building positions,” said Haddad.

    He predicted foreign investors would rotate cash into underperforming Middle East markets as world and emerging equities stumble.

    “It’s cyclical as international investors move money from one region to another,” said Haddad.

    “We’ve traded sideways for a long time on low volumes, but a shift is slowly happening and should be accelerated after Ramadan.”

    Agencies

     
    Email this article Print this article Discuss this article
     
     
    Back to Business Main page >>

    WC2010 revisited

    By Abdalla M. Taryam
    As the rumpus of the vuvuzelas falls silent for good, or at least I hope so, football fans alike try to analyse the best and worst of the concluded World Cup. The top performers, finest goals and worst calls will all be ...
    Blood on the decks of peace

    By Aysha Taryam
    AFTER months of planning and preparation the Gaza Freedom Flotilla consisting of six ships boarded by 700 brave volunteers set sail last Sunday night carrying aid for the 1.5 million besieged people in Gaza. Bravely attempting...
     
    Great Discounts on Dubai Hotels. Book Now !
     


    Dubai leads Gulf shares
    Emirates seeks over $28b for expansion
    Oil rises close to $73
    Opec output falls to lowest since Nov ’09
    Search Archives
    Search Archives by date
      Select Date

     
    © 2004 GoDubai.com
    All Rights Reserved.
    Terms under which this service is provided to you.
    Read our privacy guidelines.
    Contact our advertising team for advertising /promotions and
    sponsorship on GoDubai.com