Dubai stocks climbed yesterday for the first time in two days as National Bank of Dubai and Emirates Bank International rallied on news they plan a merger to create the Gulf's largest bank by assets.
The index, the Gulf's fourth best performer this year, ended at 4,140.24 points, up 0.67 per cent. National Bank and Emirates Bank were the top gainers, up 4.74 per cent and 5 per cent respectively after the merger reports.
Emaar Properties, the largest Arab developer by market value, tested a key resistance level on the last day of trading before a shareholder meeting that the company says would shed light on its dividend plans.
The stock, punished by investors over the company's silence on dividends, closed 0.39 per cent up at 12.80 dirhams ($3.49).
"If it breaks 12.85 decisively then there could be a rally to 13 dirhams," said Rami Althaqafi, high net worth relationship manager at Naeem Shares & Bonds.
Shares of the Dubai Financial Market fell on their third day of trading as investors who bought into an initial public offering booked profits. It closed 2.98 per cent at 2.28 dirhams, compared with an IPO price of 1 dirham.
"For investors with no leverage it's still a gain of 150 per cent," Althaqafi said "It will take a while for the stock to dry out and stabilise."
Qatar's bourse fell for a fifth day as investors sold Industries Qatar after qualifying for a dividend.
The index, the worst performer in the Gulf this year, dropped 0.41 per cent to 6,190.72 points. Industries Qatar, down 2.45 per cent, was the biggest loser among the five largest stocks.
Qatar Electricity and Water Co was the biggest decliner on the index, sliding 4.38 per cent. Investors were disappointed with the company's plans to distribute a 35 per cent cash dividend, said Ahmed Abdel Hadi, general manager Islamic at Dlala Brokerage and Investment Holding.
Bahrain's market closed slightly higher as Investcorp and Bank of Bahrain and Kuwait gained.
The index, the worst Gulf performer this year after Qatar's, ended at 2,130.17 points, up 0.07 per cent.
Investcorp rose 0.13 per cent, the only gainer among the five largest stocks. Credit Suisse gave the stock an "outperform" rating yesterday. Bank of Bahrain and Kuwait climbed 0.78 per cent.
Oman's bourse closed higher for a second day as National Bank of Oman rallied to its highest price on record, according to Reuters data going back two years.
The index, which snapped a six day losing streak on Tuesday, ended at 5,733.20 points, up 0.2 per cent. The benchmark has gained 2.51 per cent in 2007, making it the best performer in the Gulf this year after Saudi Arabia's. National Bank of Oman rose to 5.300 rials before closing at 5.059, up 2.2 per cent. The stock is down 0.11 per cent this year.
Abu Dhabi's bourse climbed, led by National Bank of Abu Dhabi and Emirates Telecommunications Corp (Etisalat).
The benchmark, the Gulf's third best performer this year, closed 0.1 per cent up at 3,083.44 points.
National Bank, the biggest gainer among the 40 largest stocks, rose 1.63 per cent, recovering all the ground lost in the five previous trading days. Etisalat climbed 0.9 per cent.
Aldar Properties was the biggest decliner among the 20 largest stocks on the index, as investors reacted to news the company's founders are allowed to sell shares. The stock, down 4.86 per cent in the past five trading days, dropped 4.49 per cent. The index was down 0.23 per cent at 5,727.24 points.
Aldar said on Tuesday its founders were allowed to sell shares after the end of a 2-year moratorium that follows an initial public offering. "That is weighing on the stock," said Mohamed Yasin, managing director of Emirates Securities.
The index, the Gulf's fourth best performer this year, ended at 4,140.24 points, up 0.67 per cent. National Bank and Emirates Bank were the top gainers, up 4.74 per cent and 5 per cent respectively after the merger reports.
Emaar Properties, the largest Arab developer by market value, tested a key resistance level on the last day of trading before a shareholder meeting that the company says would shed light on its dividend plans.
The stock, punished by investors over the company's silence on dividends, closed 0.39 per cent up at 12.80 dirhams ($3.49).
"If it breaks 12.85 decisively then there could be a rally to 13 dirhams," said Rami Althaqafi, high net worth relationship manager at Naeem Shares & Bonds.
Shares of the Dubai Financial Market fell on their third day of trading as investors who bought into an initial public offering booked profits. It closed 2.98 per cent at 2.28 dirhams, compared with an IPO price of 1 dirham.
"For investors with no leverage it's still a gain of 150 per cent," Althaqafi said "It will take a while for the stock to dry out and stabilise."
Qatar's bourse fell for a fifth day as investors sold Industries Qatar after qualifying for a dividend.
The index, the worst performer in the Gulf this year, dropped 0.41 per cent to 6,190.72 points. Industries Qatar, down 2.45 per cent, was the biggest loser among the five largest stocks.
Qatar Electricity and Water Co was the biggest decliner on the index, sliding 4.38 per cent. Investors were disappointed with the company's plans to distribute a 35 per cent cash dividend, said Ahmed Abdel Hadi, general manager Islamic at Dlala Brokerage and Investment Holding.
Bahrain's market closed slightly higher as Investcorp and Bank of Bahrain and Kuwait gained.
The index, the worst Gulf performer this year after Qatar's, ended at 2,130.17 points, up 0.07 per cent.
Investcorp rose 0.13 per cent, the only gainer among the five largest stocks. Credit Suisse gave the stock an "outperform" rating yesterday. Bank of Bahrain and Kuwait climbed 0.78 per cent.
Oman's bourse closed higher for a second day as National Bank of Oman rallied to its highest price on record, according to Reuters data going back two years.
The index, which snapped a six day losing streak on Tuesday, ended at 5,733.20 points, up 0.2 per cent. The benchmark has gained 2.51 per cent in 2007, making it the best performer in the Gulf this year after Saudi Arabia's. National Bank of Oman rose to 5.300 rials before closing at 5.059, up 2.2 per cent. The stock is down 0.11 per cent this year.
Abu Dhabi's bourse climbed, led by National Bank of Abu Dhabi and Emirates Telecommunications Corp (Etisalat).
The benchmark, the Gulf's third best performer this year, closed 0.1 per cent up at 3,083.44 points.
National Bank, the biggest gainer among the 40 largest stocks, rose 1.63 per cent, recovering all the ground lost in the five previous trading days. Etisalat climbed 0.9 per cent.
Aldar Properties was the biggest decliner among the 20 largest stocks on the index, as investors reacted to news the company's founders are allowed to sell shares. The stock, down 4.86 per cent in the past five trading days, dropped 4.49 per cent. The index was down 0.23 per cent at 5,727.24 points.
Aldar said on Tuesday its founders were allowed to sell shares after the end of a 2-year moratorium that follows an initial public offering. "That is weighing on the stock," said Mohamed Yasin, managing director of Emirates Securities.
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