Friday data shows strong US labour market growth
Emaar climbed 1.5 per cent to Dh3.30. The developer is forecast to report a second-quarter profit of Dh968 million ($263.5 million), according to analysts polled by Reuters.
“There is still quite a while before UAE earnings come out — Emaar is expected to have a good quarter and so might see some buying ahead of its earnings announcement, but I don’t see it going much above Dh3.30,” said Mohamed Laboudi, Prime Emirates Relationship Manager.
Dubai property prices extended declines in June, hurt by oversupply and low demand, Deutsche Bank said in a research note in which it named Emaar as it top pick among UAE developers.
Arabtec rose 1.8 per cent and du advanced one per cent.
The DFMGI climbed 0.4 per cent to 1,508 points, its highest finish since June 28. Volumes increase slightly from Monday’s seven-month low, but trading remains lacklustre.
“Nobody has the bottle to invest in the market right now,” said Laboudi. “People are waiting for second-quarter earnings — that’s the only catalyst we have to hope for.”
Abu Dhabi’s benchmark index made its largest decline for two weeks, slipping 0.4 per cent to 2,518 points.
Only four stocks trade more than one million shares. Three ended flat — Sorouh Real Estate, Aabar Investments and Aldar Properties — while the other, Dana Gas, fell 1.4 per cent. “Without increased volumes, the markets aren’t moving anywhere,” added Laboudi. —
Friday data shows strong US labour market growth
More than 2,000 people have been killed and nearly 10,000 wounded in Lebanon in nearly a year of fighting, most in the past two weeks
Sheikh Khaled will meet Prince Haakon Magnus, Crown Prince of the Kingdom of Norway, and Jonas Gahr Støre, Prime Minister of Norway during the visit
Coinbase plans to offer in November impacted EEA customers options to switch to authorized issuers
Monday will mark one year of the Gaza war, with thousands killed
More than 150 armed personnel and dozens of government forestry officials were deployed to capture the wolves last month
Largest cryptocurrency is down 4.8% this month so far
Two elephants also drowned in rapidly rising flood waters in north of popular tourist hotspot Chiang Mai