|11-10-2014, 02:06 PM||#1|
Middle East shares rejoice, Qatar, UAE end higher
Stock markets in the Middle East rose on Monday, feeding off a positive global environment, and with Qatar and the United Arab Emirates’ biggest companies gaining on the MSCI weighting upgrade.
The Dubai Financial Market (DFM), Dubai’s benchmark gained 2.60%, as heavyweights Emaar Properties and the Dubai Islamic Bank gained 3% and 1.73% respectively.
Newly added companies Marka and Emaar Malls Group who recently finished their listings gained 1.61% and 2.33% respectively on the first trading session on Dubai’s main index.
Most property companies gained, and were led by contractor Arabtec Holding which rose 2.6%, after news that a major shareholder, Aabar investments acquired a 5.1% stake in Palm Hills, Egypt’s second-biggest listed real estate developer.
Abu Dhabi gained 0.83%, led by Abu Dhabi Commercial Bank and Waha Capital. Waha Capital’s shares rose 5.5% after gaining 6% on Sunday when it reported more than double third-quarter profit.
Qatar’s main index gained 0.55%.
Index compiler MSCi said late Thursday it would increase the weightings of some stocks from Qatar and the UAE in its emerging markets index, including Emaar Properties and Industries Qatar.
Saudi Arabia’s Tadawul all share index was last up 0.33%. As of 10:18 GMT.
Sentiment in the region was boosted by improved sentiment worldwide after the U.S. jobs report on Friday, and data on Chinese inflation that boosted bets of more stimulus.
Oil prices edged higher on Monday. Although short-term fluctuations in oil do little or no effect on the performance of Middle East countries or companies, they partly influence the direction of the stock market.
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