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Home / Qatar / MIDEAST STOCKS-UAE shares resume longhorn run; Qatar, Egypt slip

MIDEAST STOCKS-UAE shares resume longhorn run; Qatar, Egypt slip


* Union Properties leads Dubai adult on unfamiliar ownership
change

* Qatar’s Nakilat falls after Q4 gain disappoint

* Qatar Islamic Bank tumbles as it goes ex-dividend

* But clever Mesaieed Petrochemical entrance approaching on
Wednesday

* Moody’s news hits Egyptian banks

By Nadia Saleem and Raya Atallah

DUBAI, Feb 25 (Reuters) – United Arab Emirates batch markets
surged on Tuesday, resuming their bullish movement after a
sluggish start to a week, while diseased gain forward of a new
share register weighed on Qatar. Other informal markets were
mixed.

Dubai’s index rose 1.8 percent, holding a 2014
gains to 24.5 percent – yet it has remained in a operation since
hitting a five-year high on Feb. 17.

Shares in Union Properties led trade volumes and
jumped 5.0 percent. The organisation on Monday due augmenting the
limit on unfamiliar investors’ tenure of it to 25 percent.

Firms in a UAE and Qatar are scheming for an ascent of
their markets to rising marketplace standing by index compiler MSCI,
which will take place during a finish of May. This is approaching to
draw about $500 million value of pacifist unfamiliar supports to each
market, and some-more income in other forms of funds.

Many active supports have already taken positions in these
markets to advantage from a clever gain expansion approaching in
local economies.

“Investors would be looking during bonds that could outperform
the benchmark and there are many reasons to collect bonds other
than a blue chips that will be in a MSCI index, that will
inevitably lead to a spill-over effect,” pronounced Amer Khan, senior
executive officer during Shuaa Asset Management.

Blue chip Emaar Properties rose 2.9 percent,
taking a 2014 gains to 18.1 percent.

QATAR

In Qatar, Nakilat, rigourously called Qatar Gas
Transport Co, fell 2.2 percent after one of a world’s largest
shippers of liquefied healthy gas posted a 13 percent dump in
fourth-quarter net distinction on Tuesday. It done a net distinction of
176.5 million riyals ($48.5 million), trailing an analyst’s
estimate of 201 million riyals.

Qatar Islamic Bank tumbled 6.2 percent after the
date upheld for investors to validate for a dividend.

Doha’s benchmark strew 0.4 percent to trim a 2014
gains to 14.2 percent, easing off Monday’s 67-month high.

“The pivotal motorist of valuations is a thought of what the
earnings are ostensible to be a year or dual from now, rather than
current gain pushing valuations. There are mega projects on
the setting in a UAE and Qatar, giving investors clarity on
cash flows,” Khan said.

Mesaieed Petrochemical Holding, a section of
state-owned Qatar Petroleum, will entrance on Qatar’s bourse on
Wednesday. The association lifted 3.2 billion riyals in Qatar’s
first initial open offer of shares given 2010.

“There’s clever direct in a marketplace for Mesaieed, because
there wasn’t a lot of register to go around,” pronounced Ahmed
Shehada, conduct of trade during QNB Financial Services.

“Retail investors have been offered in a marketplace to release
cash to buy into a new listing. A vast series of IPO
subscribers have left to a sell to recover 50 percent of
the shares.”

Subscribers contingency reason a bulk of their allotted shares to
qualify for a 50 percent reward share emanate after 5 years and
a identical reward after 10 years.

Mesaieed’s IPO cost was 10 riyals per share, and Shehada
said fair-price valuations for a batch ranged between 18 and
21 riyals. Foreign investors were not authorised to buy a stock
in a IPO though can buy in a delegate market.

EGYPT

Cairo’s benchmark index slipped 0.2 percent, coming
off Monday’s five-year high.

Bank shares suffered after Moody’s Investors Service
maintained a disastrous opinion on a Egyptian banking sector
despite improving earnings. It cited stability domestic and
social tensions and a government’s stretched finances, to which
the banks are exposed.

Commercial International Bank fell 1.4 percent and
EFG Hermes mislaid 2.8 percent.

“Moody’s has under-rated a economy with a news and
pushed a banking and financial zone down,” pronounced Hussein El
Ghamry, a merchant during Cairo’s Pharos Holding.

Later on Tuesday, a country’s effusive Housing Minister
Ibrahim Mahlab pronounced he had been asked to form a new government
after a final one suddenly quiescent on Monday, state-run
Al-Ahram journal reported on a website.

Speedy arrangement of a new supervision would expected be
positive for a market, nonetheless many investors are watchful for
army arch Field Marshal Abdel Fattah al-Sisi to announce his bid
for a presidency.

Elsewhere, Saudi Arabia’s bourse was small changed.
Kuwait’s marketplace was sealed for a open holiday and will resume
trading on Sunday.

TUESDAY’S HIGHLIGHTS

DUBAI

* The index rose 1.8 percent to 4,197 points.

ABU DHABI

* The index climbed 1.6 percent to 4,959 points.

QATAR

* The index slipped 0.4 percent to 11,856 points.

EGYPT

* The index retreated 0.2 percent to 8,029 points.

SAUDI ARABIA

* The index ticked adult 0.05 percent to 9,062 points.

BAHRAIN

* The index finished prosaic during 1,387 points.

OMAN

* The index slipped 0.1 percent to 7,101 points.

(Editing by Andrew Torchia)

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