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Dubai shares jump 3.5%

Olzhas Auyezov (Reuters)
Filed on April 17, 2015

Dubai’s index jumped 3.5 per cent — its biggest gain in 10 weeks — to 4,080 points, its highest mark since early December. Trading volume was the highest since last July.


Dubai —  Oil’s rally supported stock markets across the Gulf on Thursday, while Dubai property stocks surged after the emirate’s biggest listed real estate developer announced a bullish 2015 profit forecast.

Dubai shares jump 3.5% (/assets/oldimages/dfm_0416.jpg)

The DFM on Thursday closed above technical resistance at the late December peak of 4,008 points. — KT file photo 

Dubai’s index jumped 3.5 per cent — its biggest gain in 10 weeks — to 4,080 points, its highest mark since early December. Trading volume was the highest since last July.

The benchmark closed above technical resistance at the late December peak of 4,008 points, from which it had pulled back three times in recent months.

The index’s main support, Emaar Properties, surged 9.4 per cent after the firm forecast a 2015 net profit of Dh3.695 billion ($1.01 billion), above the Dh3.366 billion average forecast from eight analysts surveyed by Thomson Reuters. Emaar made Dh3.29 billion in 2014.

Another property firm, Damac, soared 11.5 per cent 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.

Abu Dhabi developer Aldar Properties, up 3.4 per cent, was one of the main supports for that emirate’s index, which edged up 0.7 per cent. The firm said on Thursday it would open a 100,000 square foot healthcare facility at its Al Reem Island development.

The main Saudi stock index climbed one per cent to 9,251 points as petrochemicals giant Saudi Basic Industries, which is poised to benefit from oil’s rebound, jumped 2.1 percent.

The index gained 2.2 per cent on Wednesday to 9,164 points, triggering a minor double bottom formed by the March and April lows and pointing up to around 9,700 points in coming days or weeks.

Qatar rose 0.7 per cent largely thanks to petrochemicals-to-metals conglomerate Industries Qatar which jumped 2.5 per cent, also supported by stronger oil.

Egypt’s bourse inched down 0.1 per cent and investment bank EFG Hermes was the weakest stock, falling 1.5 per cent.

Brent crude hit 2015 highs above $63 per barrel after a rally of more than five percent in the previous session, and analysts said more price rises were likely despite market oversupply. The price pulled back slightly later in the day but stayed above $62.





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