Friday 29 March 2024
 
»
 
»
Story

Dubai bourse leads broad Gulf stocks rally

Dubai, August 10, 2011

Dubai leds a broad rise in Gulf stocks, with most regional bourses ending three days of declines to track strength in global and Asian equities.

The emirate's index gained 1.8 percent to 1,469 points with developer Deyaar leading the advance climbing 6.8 percent.

Dubai Investments was up 2.2 percent despite reporting a 30-percent-drop in second-quarter net profit on Tuesday.      

"This is more of a relief rally with markets clearly oversold. This relief rally could last a few days," says Robert McKinnon, chief investment officer at ASAS Capital in Dubai.

Abu Dhabi index edged up 0.3 percent to 2,585 points at the opening, with the emirate's largest developer by market value Aldar Properties  climbing 3.4 percent.

Shares of Abu Dhabi National Energy Co (Taqa)  jumped 7 percent after its second quarter net profit neary tripled, beating analysts' forecasts.  The firm's earnings jumped to Dh435 million up from Dh171 million in the same period last year.

Qatar was up 1.1 percent at 8,155 point, with heavyweight Industries Qatar climbing 1.5 percent.

Oman's bourse was up 0.7 percent at 5,543 points.

World stock markets had been tumbling since the start of August on fears of a slide back into recession for the United States, reinforced by a downgrade of the US credit rating.  -Reuters

 




Tags: stocks | Gulf | Shares | Dubai bourse | downgrade |

More Capital Market Stories

calendarCalendar of Events

Ads