Dubai stocks rise to 33-month high



REUTERS

Published — Monday 28 January 2013

Last update 29 January 2013 12:37 am

| نسخة PDF Print News | A A

DUBAI: Egypt’s bourse slumped to a 2013 low after the cabinet approved a draft law giving the army the right to arrest civilians as the political crisis deepened.
Cairo’s index dropped 1.4 percent to its lowest close since Dec. 31, also making its largest one-day drop in two weeks.
Commercial International Bank, down 4.2 percent, and Orascom Construction Industries, down 1.7 percent, were among losers as 26 of the 30 stocks on Cairo’s main index fell.
Non-Arab foreigners were net sellers on the market against Egyptian buyers. Foreigners have recently been the buyers amid the turmoil but are now cutting their risk exposure.
Elsewhere, shares in top Dubai bank Emirates NBD surged 6.1 percent to a 15-month high ahead of its earnings later this week.
“This is mainly speculation on dividends,” said a Dubai-based trader.
Analysts polled by Reuters on average forecast the bank will post a 143 percent rise in quarterly net profit.
Dubai’s measure rose 0.1 percent higher to a fresh 33-month high.
The index closed above major chart resistance at 1,778 points — the 2012 high hit in March last year — and the October 2010 peak of 1,793 points.
If it can hold above these levels, its next major target is 2,200 points in the medium term.
Abu Dhabi’s bourse also gained, rising 0.3 percent to its highest close since November 2010.
In Doha, Commercial Bank of Qatar climbed 0.5 percent after it posted a 19 percent jump in fourth-quarter net profit.
This trailed analysts’ forecasts, but investors were more interested in the lender’s proposed cash dividend of 6 riyals per share for 2012.
Masraf Al-Rayan advanced 0.6 percent.
The Islamic bank’s quarterly profit rose 7.9 percent to 1.52 billion riyals, beating estimates. It also proposed a cash dividend of 1 riyal per share.
Kuwait’s measure gained 0.3 percent, up for a ninth straight session to its highest close since May 2012.

What's happening around Saudi Arabia

RIYADH: In a fresh boost for relations between Saudi Arabia and Bangladesh, the Kingdom has decided to sign a memorandum of understanding on Foreign Office Consultations (FOC) with Dhaka. The Kingdom endorsed a proposal in this regard at a meeting be...
The Indonesian mission is hopeful detained Indonesian pilgrims will be free “very soon.” The mission is trying to persuade Saudi authorities of their nationals’ innocence.Eleven Indonesian pilgrims, who arrived in the holy city of Makkah to perform U...
JEDDAH: Police at King Khaled International Airport in Riyadh arrested a Saudi hacker after a government organization in Al-Leith in Makkah complained that he had hacked its website, according to an online newspaper.Col. Atti Al-Qurashi, spokesman fo...
JEDDAH: The special criminal court has sentenced a former military official to nine years in jail for joining Daesh and traveling to Syria to fight.A fine of SR5,000 was also slapped on him and he was barred from traveling abroad for nine years after...
JEDDAH: Saudi-Indian ties have reached a new high with the arrival of an Indian Air Force (IAF) flying contingent at the King Fahd Air Base in Taif.The mission, comprising more than 100 high-ranking IAF officers and airmen onboard Sukhoi MKI fighter...
RIYADH: A tripartite agreement among the National Handicraft Program, Prisons Department and the Technical and Vocational Training Corp. (TVTC) was recently signed in the presence of Prince Sultan bin Salman, president of the Saudi Commission for Tou...
JEDDAH: British authorities have opened investigations into the plane crash that led to the death of three members of the Binladin family.Investigations depend on the black box which registers the entire plane’s data, including speed, position of mob...
JAZAN: In a tragic accident, a speeding fuel truck caused four deaths and injuries to many people when it collided head on with five cars on the northern entrance of Abu Areesh area of Jazan, according to a website.The truck deviated from its path an...
JEDDAH: Municipal and Rural Affairs Minister Abdul Lateef Al-Asheikh has directed all the municipal authorities to closely scrutinize the election candidates’ credentials to thwart violation of rules.This is to ensure that the candidates meet all the...
Mohammed Mokammel Hossain, labor consul, Bangladesh Consulate, Jeddah * Which particular aspect of Saudi Arabia you like the most? Two Holy Mosques in Makkah and Madinah.* Can you tell us your favorite and oft-repeated Arabic word? Insha’Allah. * W...
RIYADH: Expatriates feel Saudi Arabia is a safer place than their home countries despite the fact that the Kingdom is leading a war against the Yemeni rebels and other terror organizations and a couple of suicide attacks in the recent past. Mahmoud T...
RIYADH: The maximum medical policy or contract for visitors is SR100,000, which covers expenses on emergency treatment, maternity charges, traffic accident injuries, dialysis and medical treatment in or outside the Kingdom. Making the above announce...
JEDDAH: The city and its surrounding areas sweltered on Monday, with the maximum temperature rising to 44 degree Celsius and relative humidity being recorded at 85 percent. The weather department has forecast a similar situation in Jeddah on Tuesday....
JEDDAH: A National Academy for Energy in Dammam and a private technical technical college, both exclusively for women, will be opened in the Easter Province.The General Organization of Technical and Vocational Training is in the process of implementi...
AL-AHSA: Masjid Joatha or Joatha Mosque is a center of attraction in Al-Ahsa with many visitors and tourists thronging the place of worship, which was believed to have been built in the seventh year of Hijri (629 AD).The mosque has been restored as p...

Stay Connected

Facebook