The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia11 hours ago
Dubai’s stock market rallied to a new five-year high on Thursday, rising 1.1 per cent to take 2013 gains to 99.9 per cent after a modest stimulus trimming by the US Federal Reserve and gains on global markets added fuel to bullish local sentiment.
Real estate stocks drove the rally with Deyaar Development up 2.2 per cent and Emaar Properties 2.1 per cent higher.
A sharp recovery in local property prices and demand underpinned confidence in Dubai equities, with outlook buoyed by catalysts such as an MSCI upgrade to emerging market status next year and Dubai’s successful bid to host World Expo 2020.
Abu Dhabi-listed Dana Gas surged 9.4 per cent to its highest level since October 1, with the number of shares changing hands the most for any day in at least two years.
Across the Gulf, bourse rose following the US move, Egypt’s bourse also climbed.
The Gulf was never very vulnerable to tighter US monetary policy — its current account and budget surpluses insulate it — but a positive global backdrop aided risk appetite.
Saudi Arabia’s index climbed 0.8 per cent to 8,510 points — a new 63-month high and extending the breakout from the year’s previous peak of 8,425 points.
The heavyweight petrochemicals and banking sectors were the main support. Saudi Basic Industries Corp and Al Rajhi Bank added 1.4 and 0.7 per cent respectively.
“We have fourth-quarter earnings around the corner and we’re seeing some dividend announcements trickling in,” said Asim Bukhtiar, head of research at Riyad Capital. “Additionally, the US markets responded well to the Fed decision, pushing the local markets in reaction to that.”
Analysts are expecting some weakness from banks’ earnings, with the last quarter of the year typically reserved for booking provisions, but petrochemical firms could see healthy profit growth backed by strong demand from Asia.
— issacjohn@khaleejtimes.com
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