Arab Today, arab today dubai egypt at 5month highs on property telecom
Last Updated : GMT 12:20:54
Arab Today, arab today
Arab Today, arab today

Dubai, Egypt at 5-month highs on property, telecom

Arab Today, arab today

Arab Today, arab today Dubai, Egypt at 5-month highs on property, telecom

Dubai - Arabstoday

Dubai’s index climbed to a five-month high as real estate-linked stocks helped extend a rally that started in late January, and Egypt’s bourse hit a similar level, buoyed by telecom shares. Dubai’s benchmark rose 0.3 percent to its highest close since Sept. 7, extending its gains to about 9.9 percent this year5, after falling 17 percent in 2011. “This kind of performance will gain the attention of both regional and international investors,” said Marwan Shurrab, vice-president at Gulfmena Investments, adding that the Dubai bourse is one of the best performing emerging markets in 2012. Volumes have also picked up in recent days, Shurrab added. The number of shares traded crossed the 200 million mark for only the second time since June 7 — the other time being Monday. Arabtec’s advance has been a key driver of the index. The contractor climbed another 3 percent on Thursday, taking it year-to-date gain to 67.3 percent. National Central Cooling Co. (Tabreed) touched a seven-week high, gaining 6.3 percent, as did Shuaa Capital, which jumped 13.5 percent. The investment firm is due to publish its full-year results on Jan. 13. In Egypt, telecom stocks pushed a rally into its third day, spurred by news that Orascom Telecom Media (OTMT) and France Telecom were in talks over the future of their Mobinil cellphone venture.   Mobinil founder and biggest Egyptian shareholder Naguib Sawiris sold most of his worldwide telecom assets to Russia’s Vimpelcom last year but kept his Mobinil stake by splitting it off into a new company, OTMT.    “It’s telecom euphoria triggered by Mobinil and OTMT,” said Mohamed Radwan of Pharos Securities. “Both were limit up early in the session, and they’re both pulling up the index.”    OTMT jumped 6.9 percent and Mobinil surged 10 percent, while the index advanced 0.9 percent to its highest level since Sept. 8. The index has gained 4.7 percent since Monday.   Orascom Telecom gained 3.1 percent. In Abu Dhabi, property firms helped lift the index 0.1 percent. Aldar Properties and Sorouh Real Estate accounted for nearly 65 percent of all shares traded, gaining 3.2 and 3.4 percent respectively. In Kuwait, the index gained 0.2 percent, with trading volumes just shy of their highest level in 13 months. However, the market is without a catalyst, said Fadi Al Said, head of investments at ING Investment Management, who noted that banks, for example, were trading at a premium and lacked any positive news to justify further buying. The Oman index dipped into marginally-negative territory, down 0.02 percent, with banks the main drag. Bank Muscat, the bourse’s largest stock by market capitalization, fell 1.1 percent, while Bank Sohar and Oman International Bank dropped 1.3 percent and 0.4 percent respectively. In Qatar, the index inched down 0.01 percent. Qatar Electricity and Water Co, which on Wednesday announced it had brought a stake in a Jordanian power plant, slipped 0.5 percent.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai egypt at 5month highs on property telecom Arab Today, arab today dubai egypt at 5month highs on property telecom

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report

GMT 05:07 2017 Thursday ,16 February

Saudi stocks rise 0.6%

GMT 04:45 2017 Thursday ,16 February

Gold prices edge lower

GMT 22:10 2017 Wednesday ,15 February

China stocks fall, weighed by tech, resource stocks
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday