dubai stocks lead middle east gains as traders seek dividends
Last Updated : GMT 07:25:12
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Last Updated : GMT 07:25:12
Arab Today, arab today

Dubai stocks lead Middle East gains as traders seek dividends

Arab Today, arab today

Arab Today, arab today Dubai stocks lead Middle East gains as traders seek dividends

Dubai Stocks
Dubai - Arab Today

Dubai stocks gained the most in the Gulf, led by Emaar Properties, as investors hunt for dividends ahead of earnings season. Insurers in the emirate rose on merger speculation.

Emaar Properties, which accounts for about 22 per cent of the DFM General Index, climbed 1.6 per cent as analysts see the stock handing investors a dividend of 18 fils per share for 2016, according to data compiled by Bloomberg. Dubai’s gauge advanced for a sixth day, the longest streak since July, adding 1.8 per cent on Sunday. 

Dubai Islamic Insurance & Reinsurance Co. was the biggest gainer among insurers, rising 4.6 per cent as traders exchanged 39 million shares, the most in two years. Investors are betting that some insurance companies in the emirate will merge, Ahmed Waheed, the Dubai-based vice president of the institutional desk at Mena Corp Financial Services, said in an e-mail.

Kuwait’s SE Price Index rose 1.1 per cent, Abu Dhabi’s ADX General Index increased 0.5 per cent and Qatar’s QE Index gained 0.1 per cent. Saudi Arabia’s Tadawul All Share Index fell 0.4 per cent as of 1:08pm in Riyadh.

"Domestic investors are likely to be very focused on companies due to report this week,” said Julian Bruce, the head of institutional trading at EFG-Hermes UAE in Dubai, a unit of the biggest publicly traded Arab investment bank. Egypt’s EGX30 Index advanced 0.9 per cent.

Bank Albilad, Saudia Dairy & Foodstuff Co., Bank Al-Jazira and Qassim Cement Co. are among the companies expected to post results this week.

The Tadawul started on Sunday a new industry classification for stocks traded within the bourse, aiming to enhance transparency and provide more reliable information on sector performance.

Investment Holding Group’s initial public offering started on Sunday in Doha and will continue until Jan. 22. The company is selling 49.8 million shares at 10.1 riyals apiece. The company is seeking acquisitions that will lift earnings even if sales continue to decline, Chief Executive Officer Wael Shtayyeh said in an interview.

Source:Times Of Oman

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