Dubai bourse marches to 2,000 level
Dubai, February 25, 2013
Dubai's real estate stocks opened higher, helping the emirate's bourse extend gains as it neared 2,000 points - a key psychological level.
Hopes for strong dividends boosted the market. Bellwether Emaar Properties added 1.1 percent, reaching a new 51-month high. The developer, Dubai's largest firm by market value, will announce results of a board meeting later in the day which is due to discuss 2012 dividends. Many expect the payout to be higher than last two years' 10 fils per share.
Builder Arabtec rose 2.7 percent. The firm will approve 2012 financials and announce dividends in a meeting on Feb 27. Analysts polled by Reuters expect Arabtec, on average, to post a profit of 52.5 million dirhams for the fourth-quarter.
Dubai's benchmark advanced 0.5 percent to 1,956 points, its highest level since December 2009. The market triggered a major double bottom formed by the 2012 and early 2011 lows, with a technical target above 2,200 points in coming months.
Abu Dhabi's developers also gained. Aldar Properties and Sorouh Real Estate, two firms in the process of merging, rose 0.6 and 2.1 percent respectively.
The emirate's index climbed 0.2 percent to 3,033 points, staying steady above the psychological level of 3,000 points.
Elsewherein the Gulf, Kuwait's benchmark ticked up 0.07 percent to 6,409 points, while Oman's measure slipped 0.4 percent to 5,941 points. - Reuters