|11-14-2014, 12:05 PM||#1|
Abu Dhabi stock market buoyed by Aldar, Emaar lifts Dubai
Stock markets in Qatar and the United Arab Emirates edged higher on Thursday, ignoring another fresh low for oil prices on cheerful corporate news.
In Abu Dhabi, the biggest highlight was Aldar Properties, which gained 1.51% after reporting a robust third quarter performance.
Waha Capital was the top gainer, building also on strong quarterly results.
Qatar’s main index gained 0.07%.
A report released by the Telegraph overnight said FIFA’s probe into Qatar’s successful bid to host the 2022 World Cup did no uncover enough evidence of fraud, which suggests that the Gulf states is highly likely to keep the soccer tournament.
Fund managers and analysts were not worried about Qatar losing the rights to host the major global tournament, but the news could have buoyed retail investor spirits in Qatar.
Dubai gained 1.7%, lifted by a sharp rise in Emaar Properties, which gained on the back of a report that showed improved sales and revenues.
Saudi Arabia’s stock market fell on Thursday, with petrochemicals dragging the market down after another slump in crude oil prices and lackluster Chinese data.
Tadawul, the main Saudi index, fell 0.91%, with the petrochemical index down 0.8%. Saudi Basic Industries (SABIC), and index heavyweight, fell 1.05%.
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