Emaar continues rebound but Dubai, regional markets mostly move little

Emirati traders follow the stock market activity at the Dubai Financial Market in the Gulf emirate. (File Photo: AFP)
Updated 23 February 2018
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Emaar continues rebound but Dubai, regional markets mostly move little

DUBAI: Dubai blue chip Emaar Properties continued to rebound in heavy trade on Thursday but regional stock markets were mostly lacklustre, partly because of weak global bourses and oil prices.
Emaar, which had been trading near 14-month lows, surged 3.2 percent on Wednesday as some funds returned to the stock, apparently attracted by undemanding valuations compared to emerging market peers.
On Thursday the stock climbed a further 1.8 percent in its heaviest volume this year. However, this failed to lift Dubai’s stock index, which was flat as declining issues outnumbered gainers by 20 to nine.
Saudi Arabia’s index edged up 0.3 percent. Al Jazira Bank closed 0.5 percent lower after the securities regulator approved its request to conduct a 3 billion riyal ($800 million) rights issue.
Saudi Industrial Export Co, which had soared 77 percent in highly speculative trade over the past six days, fell back 10 percent in its heaviest volume since 2013.
In Qatar, the index dropped 0.3 percent as Qatar Islamic Bank went ex-dividend, tumbling 4.1 percent.
But Commercial Bank jumped 5.8 percent. Sources told Reuters on Tuesday that the bank had agreed in principle to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank to United Arab Emirates-based Tabarak Investment.
The sale will be finalized shortly with a formal announcement to be made next month, the sources said, declining to be named as the matter is not yet public.


Philippine central bank holds overnight borrowing rate steady

Updated 13 December 2018
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Philippine central bank holds overnight borrowing rate steady

  • The Bangko Sentral ng Pilipinas left the rate on its overnight reverse repurchase facility unchanged at 4.75 percent

MANILA: The Philippine central bank held its benchmark interest rate steady on Thursday, as expected, in line with the outlook for the inflation rate to cool.
The Bangko Sentral ng Pilipinas left the rate on its overnight reverse repurchase facility unchanged at 4.75 percent, as predicted by 11 out of 13 analysts in a Reuters poll.
The central bank raised rates by a total 175 basis points at the past five consecutive meetings to tame inflation, which eased for the first time in nearly a year in November to 6.0 percent.