Markets Update: Emaar Properties boosted Dubai's bourse as investors awaited rosy fourth quarter results from the region's largest property developer.
Dubai developer Emaar propels DFM higher
Shares on the Dubai Financial Market (DFM) rose yesterday, led by Emaar Properties, amid earnings optimism as investors speculated that the region's largest developer would deliver strong fourth-quarter results.
Emaarrose 0.8 per cent to Dh2.43. A consensus estimate of analysts polled by Reuters expects the Dubai developer to report a 73.9 per cent rise in quarterly profit to Dh475.6 million. Emaar reported a net profit of Dh273.4m in the corresponding period a year earlier. The DFM General Index rose 0.7 per cent to 1,310.40.
"Emaar remains one of the top picks for investors as they see sustainable business and solid earning quality," said Tariq Qaqish, a senior fund manager at Al Mal Capital. On the Abu Dhabi Securities Exchange (ADX), Dana Gas was unchanged at 34 fils after the UAE gas explorer and producer said it would honour obligations related to a US$1 billion sukuk due in October.
Dana rose as much as 8.8 per cent during the trading session but was subsequently sold off. The stock declined more than 15 per cent on Sunday and Monday.
The ADX General Index fell 1.3 per cent to 2,293.09.
Elsewhere in the region: Kuwait's measure rose 0.4 per cent to 5,789.40; Bahrain's fell 0.3 per cent to 1,138.40; Oman's MSM 30 Index was down 0.5 per cent to 5,602.38; and Qatar's QE Index slid 0.4 per cent to 8,600.28. The Saudi Tadawul All-Share Index was off 0.7 per cent to 6,370.16.