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FINANCE

Dubai stocks cross year-long resistance level

Dubai-stocks-cross-GBO

Dubai’s main stock index ended above the resistance level that had been held for over a year, boosted by continued gains for Emaar properties, the biggest listed real-estate developer

The DFM General Index advanced for an eighth straight session, extending its longest winning streak since July 2017. It has crossed above its 100-day moving average for the first time since January 18, 2018.

The stock that contributed the mose to the gauge’s increase was Emaar Properties PJSC, a bellwether for the local real-estate market, which had entered a bull market last week after delivering warnings that surprised analysts on the positive side.

Equity indexes in Abu Dhabi and Bahrain also increased, while those in Saudi Arabia and Egypt fell. Gauges in Oman and Qatar were little changed Emerging markets stocks rose 2.7% last week, after five consecutive days climbing EM Review: Trade Talk Optimism Lures Emerging-Market Bulls Back.

Dubai’s main index climbed 1.3% at close, making it the top gainer among Middle Eastern equities markets in January 2018. The gauge finished above the 100-day average but was not able to hold above that level for long. The time before that was in July 2017, which was more decisive, when the index gained almost 7% in about three weeks.

 Emaar Properties rose 3.2%, extending the increase in the past seven sessions to 25%, the best seven-day performance since December 2014.

Also in Dubai, Damac Properties advanced 8.4%, the biggest jump since July 2017 Qatar International Islamic Bank climbed 3.3% in Doha.

QIIB shareholders will vote next month on a recommendation by the board to increase the foreign ownership limit to 49% from 25%, according to an agenda for a general assembly published last week If the cap increase is approved and implemented, the stock should receive $25mn in inflows from investors tracking FTSE Russell indexes in June, according to Mohamad Al Hajj, equities strategist at EFG-Hermes Holding.

 Saudi Arabia’s Tadawul All Share Index fell 0.4%, with Al Rajhi Bank falling 1%, pressuring the index the most on a weighted basis.

Trading resumes on February 27.

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