Dubai Stocks Cross Resistance Level Held For a Year: Inside EM
(Bloomberg) -- Dubai’s main stock index ended Sunday’s session above a resistance level that it had held for over a year, boosted by continued gains for the biggest listed real-estate developer.
The DFM General Index advanced for an eighth straight session, extending its longest winning streak in over a year. It has crossed above its 100-day moving average for the first time since Jan. 18, 2018.
The stock contributing the most to the gauge’s increase was Emaar Properties PJSC, a bellwether for the local real-estate market, which entered a bull market last week after delivering earnings that surprised analysts on the positive side. Emaar advanced for the seventh session, stretching its longest winning streak since July 2017.
MIDDLE EASTERN MARKETS:
- Dubai’s main index climbs 1.3% at close, 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 rises 3.2%, extending the increase in the past seven sessions to 25%, the best seven-day performance since Dec. 2014
- READ, on Feb. 21: Dubai’s Real Estate Bellwether Stock Rallies Into Bull Market
- Also in Dubai, Damac Properties advances 8.4%, the biggest jump since July 2017
- Qatar International Islamic Bank climbs 3.3% in Doha, the most among 20 members of the local main index, which finished little changed
- NOTE: 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 $25m 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
- MORE: Saudi Prince Consolidates Hold on Power With Brother’s Promotion
- Egypt’s EGX 30 Index retreated 1.3%, trimming gains this month to 5.9%
- Out of 30 index members 26 drop, 2 are unchanged and 2 climb
- Kuwait’s stock exchange will be closed between Feb. 24 and Feb. 26 due to a local holiday. Trading resumes on Feb. 27
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