Wednesday, Jul 15, 2015

Dubai: The Dubai index closed more than a per cent higher on Wednesday, leading gains in the region, helped by recovering oil prices.

The Dubai Financial Market General Index ended 1.22 per cent higher at 4,101.90.

“Markets were positive in general because of the Iranian deal and improving prospects in Greece,” said Muhammad Shabbir, head of equity funds & portfolios at Rasmala Investment Bank.

Emaar Properties, which has the maximum weightage on the index, ended 1.80 per cent higher at Dh7.92, while Dubai Islamic Bank ended 2.03 per cent higher at Dh7.02. Gulf Finance House ended 1.39 per cent higher at Dh0.732.

Amlak, however, ended 0.39 per cent lower at Dh2.55.

Out of a total of 34 stocks traded on the exchange, shares of 26 firms ended higher, while other five ended in the red.

No negative surprises:

Emirates NBD, Dubai’s largest lender, posted a 26 per cent rise in net profits, supporting its shares.

“Emirates NBD’s results wasn’t a big influencing factor in trade despite its positive results, as we saw interest across all the names,” said Shabbir. “Results in the UAE are supposed to be good and there won’t be any negative surprises.” Emirates NBD shares ended 0.41 per cent higher at Dh9.74.

Tadawul also rises:

Saudi’s index also rose a tad amid mixed earnings. Saudi’s Tadawul index ended 0.6 per cent higher at 9,337.86.

Mobile Telecommunication Company Saudi Arabia ended 0.85 per cent higher at 11.80 Saudi Riyals, while Saudi Electricity ended 0.11 per cent lower at 12.86 Saudi Riyals.

Elsewhere in the Gulf, Qatar Exchange index ended 0.47 per cent higher at 12,020.73, while Muscat Securities MSM 30 index ended 0.14 per cent higher at 6,543.87.Kuwait Stock Exchange index ended 0.45 per cent higher at 6,268.41.

Bahrain Bourse all share index ended 0.20 per cent higher at 1,338.05.

Egypt’s market extended gains, recovering from the sharp decline earlier in the month after Moody’s report on banks in which it raised the outlook on banks.

Egyptian EGX 30 index ended 2.55 per cent higher at 7,882.62.

By Siddesh Suresh ?Mayenkar Staff Reporter

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