Dubai Stocks Cross Resistance Level Held For a Year: Inside EM
Dubai Stocks Poised to End Above Resistance Level: 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.
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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
To contact the reporters on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net;Abeer Abu Omar in Dubai at aabuomar@bloomberg.net
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, James Cone, Keith Campbell
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