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Shares Rise On Global Rallies
DUBAI - Rising global sentiment boosted UAE shares on Thursday, with Dubai getting a lift after the central bank said it is likely to buy into the remaining half of the emirate’s $20-billion bond programme.
The benchmark index of the Dubai Financial Market advanced by as much as 2 per cent in mid-day session before selling pressure trimmed gains to 1.5 per cent at 1,737.18. The index chalked up a gain of 6.5 per cent on a three-day winning streak and 1.2 per cent from the previous week. The biggest gainers were investment bank Shuaa Capital which surged by 7 per cent to Dh1.52, and, stock exchange operator Dubai Financial Market DFM PJSC, which climbed by 6.1 per cent to Dh1.57.
The Abu Dhabi Securities Exchange main index added 1.5 per cent to 2,677.08, it gained 2.3 per cent from last week.
Helping buoy the Dubai shares were comments made by UAE Central Bank Governor Sultan bin Nasser al-Suwaidi that the central bank may buy the emirate’s second $10-billion bond offering after snapping up the first $10-billion tranche last February.
“Investors are taking every bit of good news to push stocks higher ahead of the bulk of corporate results. Dubai is getting support at the federal level, and that is boosting confidence in the financial markets,” said Ayman el-Saheb, director at Darahem Financial Brokerage.
On the external front, US stocks surged overnight on the back of better-than-expected earnings and optimistic guidance for the second half of the year from tech giant Intel, with all thee major indexes on Wall Street rising by 3 per cent. Asian stocks also rallied after China posted positive second quarter growth. Oil prices on the other hand, slipped by 41 cents to $61.13 a barrel.
Expectations of positive earnings among local companies also fed select stocks, led by Dubai index mover Emaar Properties which went up by 2.8 per cent to Dh2.56, piling up gains of nearly 12 per cent in three straight sessions after declining by 5.8 per cent last Monday. Arabtec Holding climbed by 1.6 per cent to Dh2.61. Logistics company Aramex rose by 5.8 per cent to Dh1.45.
“We still need to see earnings on the tape before markets can re-test recent highs. Results coming though next week will give our markets direction in their own right as we are simply following global moves currently. Gains in the US seem to have dismissed the head and shoulders debate and earnings continue to beat expectations. The key difference we are seeing with earnings this quarter is improved guidance for the next and that’s what we need here from our companies to restore momentum,” said Matthew Wakeman, managing director of cash-and-equity-linked trading at EFG-Hermes.
Aldar Properties paced gainers in Abu Dhabi, surging by 6.3 per cent to Dh3.7. It was trailed by Sorouh Real Estate which edged up 5.7 per cent at Dh1.92. Investment company Aabar Investments continued to trek higher on follow-through interest after buying Daimler AG’s 40 per cent stake in Tesla Motors, adding 4.9 per cent at Dh1.92.
rocel@khaleejtimes.com
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