Pizza Di Rocco expands into new communities
The Dubai Financial Market benchmark index gained 0.81 per cent at 1,667.94, paced by privately-owned property company Deyaar Development which surged by 1.25 per cent to Dh0.72. The main index of the Abu Dhabi Securities Exchange rose by 0.85 per cent to 2,631.25.
“It certainly feels like markets are entering a holding pattern waiting for earnings to hit the tape. Improved sentiment means investors are not afraid to hold positions ahead of results. This is a welcome and dramatic shift in thinking compared to just a few months ago,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG Hermes.
Dubai index mover Emaar Properties inched up by 0.4 per cent to Dh2.45. Union Properties which was recently rumored to be in merger talks with Deyaar, closed flat at Dh5.98.
The markets’ rallies will be short-lived, although select banking stocks may see more upside on expectations their first quarter results will improve from the last quarter, said Sherif Abdul Khalek, institutional trading manager at Beltone Financial Securities.
“Positive sentiment is encouraging investors, both local and foreign, to buy stocks like banks, with some now having really gone cheap after heavy losses in recent months. ”
Goldman Sachs’ results which exceeded analysts’ expectations also inspired buying, said Khalek. The investment bank reported a larger-than-expected quarterly profit of $1.8 billion. It also announced plans to sell $5 billion in stock, paving the way for it to repay its $10 billion government loan.
Emirates NBD, the country’s biggest bank by assets, declined by 3.42 per cent to Dh2.82. Goldman Sachs cut its target price for the bank to Dh4.13 from Dh15.15. Dubai Islamic Bank added 0.83 per cent, its target price was also cut by Goldman Sachs to Dh2.36 from Dh10.38. Shuaa Capital, Dubai’s biggest investment bank, lost 1.81 per cent at Dh1.08. The company is holding a crucial meeting today to ask its shareholders if the company will be dissolved.
Shuaa incurred a net loss of Dh948 million in 2008 due to writedowns on investments, and warned that this year will continue to be difficult for Dubai’s largest investment bank.
“I don’t think Shuaa will fold up. Its shareholders already decided at their last meeting that it should continue, they will just meet to ratify that motion taken earlier,” said Ali Khan, managing director of Arqaam Capital Limited.
Pizza Di Rocco expands into new communities
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This directive has been issued after taking the current country-wide circumstances into account