Real estate shares drive Dubai stock market gains
dubai — Egypt’s blue-chip index continued to gain on Tuesday after enjoying its biggest 1-day gain in 2 years in the last session, while Dubai recovered partially from 5-year lows, lifted by gains in real estate shares.
In Dubai, the index added 1.4 per cent, with 4 of its 6 real estate stocks increasing.
The emirate’s largest listed developer Emaar Properties gained 2.8 per cent after saying it had started business development operations in China, while its unit Emaar Development increased 4.2 per cent and Deyaar climbed 3.6 per cent.
Dubai Investments soared 11.1 per cent, registering its biggest intra-day gain since July 2014; the stock has been sliding recently on weak real estate in Dubai and on MSCI’s decision to move it to the UAE small cap index from its UAE standard index.
But Gulf Navigation Holding slipped 0.9 per cent in active trade after Goldilocks Investment, an indirect unit of Abu Dhabi Financial Group, acquired an 18.32 per cent stake in the firm.
Abu Dhabi’s index rose 0.6 per cent with Abu Dhabi National Energy surging 6.5 per cent and National Bank of Umm Al Qaiwain gaining 6 per cent.
The Egyptian index rose 1.5 per cent with gainers outnumbering losers by one to five as bank stocks rose.
Egypt’s annual urban consumer price inflation dipped to 15.7 per cent in November from 17.7 per cent in October, the official statistics agency Capmas said on Monday, exceeding analysts’ expectations.
Bank shares gained after suffering losses in the previous sessions due to proposed tax changes in Egypt with the country’s largest lender, Commercial International Bank, adding 3 per cent.
El Sewedy Electric added 5.6 per cent; its unit had signed a contract to develop land at Ain Sokhna economic zone.
Sixth Of Development and Investment (Sodic) added 3.4 per cent, while Madinet Nasr For Housing And Development gained 2.1 per cent after reiterating its interest in completing a merger with Sodic.
The Saudi Arabia index snapped a 5-day losing streak to inch up 0.3 per cent.
Saudi’s banks rose after oil recouped some losses after a modest show of strength in global stocks, with National Commercial Bank climbing 1.5 per cent and Riyad Bank increasing 2.1 per cent.
Saudi Advanced Industries Co rose 5.7 per cent after Saudi Arabian Military Industries offered to buy its stake in Alsalam Aerospace Industries for 100 million riyals ($26.66 million).
National Shipping Company of Saudi Arabia climbed 1.6 per cent after it proposed an annual cash dividend of 1.5 riyals per share.
The Qatar index slipped 0.7 per cent as Middle East’s largest lender Qatar National Bank lost 1 per cent and bank Masraf Al Rayan dropped 1.2 per cent.
Qatar Petroleum’s unit, Qatar Aluminum Manufacturing Co will begin trading on the index from Dec. 16, a bourse release said on Tuesday.
Commercial Bank said in October that it will finance subscriptions in the IPO of 273.4 million shares in Qatar Aluminium. hong kong — Asian equities were mixed on Tuesday as investor attempts to track gains in New York are weighed by a perfect storm of issues that have hammered global markets, while the pound remained stuck around 20-month lows on Brexit uncertainty.
Bargain-buyers stepped in after the latest sell-off but the gains were limited, with fears about the outlook for the global economy keeping sentiment beaten down.
The China-US trade row, signs of softness in both countries’ economies, the Huawei arrest, Brexit, demonstrations in France and tanking oil prices are among the problems facing investors, and analysts warned of more volatility to come.
Adding to those problems is upheaval in India where the head of the central Reserve Bank of India has resigned following a row with Prime Minister Narendra Modi’s administration over alleged government interference.
Monday’s development sent the rupee tumbling more than 1 per cent on Tuesday, with speculation the RBI had intervened to pare the losses. The Mumbai stock market initially fell a similar amount before bouncing back.
In Asian trade, Hong Kong rose 0.1 per cent and Shanghai gained 0.4 per cent but Tokyo shed 0.3 per cent.
Singapore slipped 0.3 per cent, Seoul was marginally lower and Sydney rose 0.4 per cent. Bangkok and Jakarta slipped, while Wellington, Manila and Taipei were up.
London rose 0.7 per cent, Paris rallied 0.8 per cent and Frankfurt put on 0.9 per cent.
1.4%
Rise in the Dubai stock market index on Tuesday