Dubai bourse jumps by 2.5pc on real-estate, financial sector gains
Real-estate and financial companies led yesterday's advance in Dubai bourse to 2.5 per cent at 5,866.83 points, bringing the two-day gain to 2.8 per cent. The Abu Dhabi Securities Market (ADSM) Index grew 0.4 per cent to close at 4,744.31, as Sorouh Real Estate Co jumped to a record.
Meanwhile, global marine terminal operator DP World fell 6.4 per cent to $0.88 on the Dubai International Financial Exchange. The Dubai government-owned company dropped 32.2 per cent in 11 weeks since it listed on DIFX at $1.30 a share on November 26.
Emaar Properties jumped 6.6 per cent to Dh12.10 from an opening price of Dh11.45 with shares value amounting to Dh878.4 million. Shares in Emaar surged after HSBC Holdings Plc set a 12-month share-price estimate of Dh23 for the biggest property developer in the Middle East.
HSBC analysts wrote to clients saying that Emaar is "probably one of the most misunderstood and undervalued" $20 billion market-cap companies that they cover globally. "Most of the negative news that we can think of is already in the price," they said.
Banks also gained following an announcement by London-based Societe Generale Asset Management UK Ltd that it is buying financial and property stocks in the Middle East. Dubai's banking sector rose 1.2 per cent to close at 3,611.77 while real-estate sector jumped 4.6 per cent at 11,88.85 and the investment sector advanced 3.3 per cent at 8,696.71.
Kuwait's Global Investment House topped the Dubai Financial Market (DFM) General Index with a jump of 10.3 per cent to Dh15 from Dh13.60 followed by Gulf Finance House, a Bahrain-based financial services company, which increased 8.2 per cent to Dh15.20.
Sorouh, the property developer controlled by the government of Abu Dhabi, jumped 4.2 per cent to close at Dh10.20 after surging 5.7 per cent to Dh10.35 — the highest on record at one time during trading while Fujairah Cement Industries topped ADSM with a gain of 9.8 per cent to Dh5.71.
National Bank of Abu Dhabi, the UAE's second-biggest bank by assets, and Aldar Properties rose 1.3 per cent each to Dh23.20 and Dh11.70 respectively while Waha Capital gained 2.3 per cent to Dh2.72. Waha said that its investments in various sectors would exceed Dh20 billion over the next three years. Source
Meanwhile, global marine terminal operator DP World fell 6.4 per cent to $0.88 on the Dubai International Financial Exchange. The Dubai government-owned company dropped 32.2 per cent in 11 weeks since it listed on DIFX at $1.30 a share on November 26.
Emaar Properties jumped 6.6 per cent to Dh12.10 from an opening price of Dh11.45 with shares value amounting to Dh878.4 million. Shares in Emaar surged after HSBC Holdings Plc set a 12-month share-price estimate of Dh23 for the biggest property developer in the Middle East.
HSBC analysts wrote to clients saying that Emaar is "probably one of the most misunderstood and undervalued" $20 billion market-cap companies that they cover globally. "Most of the negative news that we can think of is already in the price," they said.
Banks also gained following an announcement by London-based Societe Generale Asset Management UK Ltd that it is buying financial and property stocks in the Middle East. Dubai's banking sector rose 1.2 per cent to close at 3,611.77 while real-estate sector jumped 4.6 per cent at 11,88.85 and the investment sector advanced 3.3 per cent at 8,696.71.
Kuwait's Global Investment House topped the Dubai Financial Market (DFM) General Index with a jump of 10.3 per cent to Dh15 from Dh13.60 followed by Gulf Finance House, a Bahrain-based financial services company, which increased 8.2 per cent to Dh15.20.
Sorouh, the property developer controlled by the government of Abu Dhabi, jumped 4.2 per cent to close at Dh10.20 after surging 5.7 per cent to Dh10.35 — the highest on record at one time during trading while Fujairah Cement Industries topped ADSM with a gain of 9.8 per cent to Dh5.71.
National Bank of Abu Dhabi, the UAE's second-biggest bank by assets, and Aldar Properties rose 1.3 per cent each to Dh23.20 and Dh11.70 respectively while Waha Capital gained 2.3 per cent to Dh2.72. Waha said that its investments in various sectors would exceed Dh20 billion over the next three years. Source
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