JEDDAH/DUBAI: Emaar Properties lifted Dubai’s index to a two-week high on Sunday, a day before the official opening of Burj Dubai, the developer’s flagship project and the world’s tallest structure.
In a sentiment-driven rally, Emaar surged 7.8 percent to its highest close since Nov. 23, helping Dubai’s measure climb 3.4 percent to 1,866 points, its highest finish since Dec. 17. The Abu Dhabi index rose 1.1 percent to 2,772 points.
Other Gulf Arab bourses also advanced, with Oman hitting a 10-week high after a government official forecast the country’s gross domestic product would increase by 6.1 percent in 2010. The Omani index rose 1.6 percent to 6,470 points.
Gains elsewhere were more muted, with Saudi Arabia almost flat and Qatar edging slightly higher in sluggish trading on both bourses.
Emaar’s gains were nearly matched by its rival developers, with Deyaar climbing 6.9 percent and Sorouh Real Estate adding 4.2 percent.
Saudi Arabia’s index rose for a second day as investors paused ahead of fourth-quarter results following strong gains in 2009. The Tadawul All-Share Index (TASI) closed 0.13 percent higher at 6,149.91 on Sunday.
The sector activity was mixed with gains ranging from 0.03 percent by the Energy & Utilities sector to 1.07 percent by the Hotel & Tourism sector and losses ranged from 0.17 percent by the Industrial Investment sector to 0.76 percent by the Media and Publishing sector.
The market breadth remained negative with 53 advancers against 57 decliners giving an AD ratio of 0.928., the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary on Sunday.
The Saudi measure was the top Gulf Arab performer in 2009, climbing 27 percent.
Saudi Basic Industries Corp. (SABIC) rose 0.3 percent, offsetting minor declines in Samba Financial Group and Al-Rajhi Bank. Qatar’s index rose for the first session in four, although it remains down 8 percent since early October’s 11-month high. The Qatari index climbed 0.7 percent to 7,007 points.
— With input from agencies