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DFM leads Gulf markets on global rally, oil gain
DUBAI — Dubai shares advanced to the highest level in more than a week, leading Gulf markets higher, as a rally in Asian and US equities bolstered investor demand for emerging market assets. Oil prices rose.
Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, gained to the highest in two weeks after HC Securities maintained the stock’s “buy” recommendation.
Industries Qatar, the second-biggest petrochemicals making in the region, jumped as much as 1.4 per cent. The Dubai Financial Market General Index advanced 0.7 per cent to 1,492.16 at the 2 p.m. close in the emirate, taking the weekly gain to 1.4 per cent. Qatar’s QE Index and the Bloomberg GCC 200 Index both advanced 0.5 per cent.
“With a lack of local catalyst and low volumes, any positive indication from global markets can push the local markets up,” said Humam Al-Shamaa, economic advisor at Al-Fajer Securities LLC in Abu Dhabi. “Investors are influenced by the US, followed by Asian markets.”
US stocks advanced yesterday, taking the Standard & Poor’s 500 Index higher for a third day, on takeover speculation swirling among homebuilders and commodity producers.
Asian equities rose, driving the MSCI Asia Pacific Index to a more than one-week high, as Applied Materials Inc. forecast higher- than-estimated profit.
The MSCI Asia Pacific gauge rose 0.8 per cent, while futures contract on the Standard & Poor’s 500 Index rose 0.5 per cent. Crude oil for September delivery gained as much as 68 cents, or wei0.9 percent, to $76.10 a barrel on the New York Mercantile Exchange.
Emaar gained 1.9 per cent to Dh3.25, the highest level since August 5. Industries Qatar rose 0.7 per cent, the most since August 5, to 100.7 riyals. Arabtec Holding PJSC, the United Arab Emirates’ biggest construction company, increased for a third time this week, adding 1.2 per cent to Dh1.68.
The Islamic holy month of Ramadan, when Muslims fast from sunrise to sunset and business activity slows, began last week.
About 69 million shares traded in Dubai today, compared with a six-month daily average of 160 million.
The Kuwait SE Price Index advanced 0.4 per cent and Oman’s MSM 30 Index rose 0.5 per cent.
Abu Dhabi’s ADX General Index gained 0.4 per cent and Bahrain’s measure retreated 0.3 per cent. Saudi Arabia’s market is closed for the weekend. —
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