05/02/2015
"Dubai" contrary to the trend goes down
Gulf markets rise in support of the expectations of strong dividend earnings
Most Gulfstock marketsroseyesterday, with the exceptionof DubaisteppedAbu Dhabi, Doha, Kuwait,MuscatandBahrainmarkets,in spite of thefall in oil pricesyesterdayaftergainsearlier in theweekwhilesupportingtechnical factorsandbetsona cash dividend ofthe region's markets.
InDoha,Qatar's indexrose1.1per centsupportedthe risedramaticallylitHolding-which ownsactivitiesin the real estateand other sectors-the maximumdaily10 per centbefore the announcement offourth quarterresults.
Shares of(work)is also alocal companythe maximumdaily10 per centyesterdayafter the companyannounceda dividend of10 per centin cashand 5 per centbonus shares.Dividendworkshave not been paidsince 2008.
Andascended"Vodafone" Qatarshareof 7.3per cent, whilethe volumetradedjumpedtoits highest level inseven months.The company saidthis weekit had begunto comply with thenorms of Islamictransactionsin allof its operations, whichopensthe way forIslamicinvestmentsto buyshares.Butsharesof Industries Qatar's second-largestpetrochemical companyin the Gulf regionfell1 per cent.
TheglobalBrent crudedecreasedby more than2 per centyesterdayaftershednewincreasein crude oilinventories in the UnitedStatesonce againlightonthe abundance ofglobal supply, whichstopped therise ofpayrates toriseby about19per cent over theprevious foursessions.
General Indexof Abu DhabiroseMarket 1.3percent to4649points, whileDubai's indexfell1.1percent, withsharesfallingDIB1.7 per centand theshareof Dubai Investments2.7per cent.Shares ininvestmentbank Shuaa Capital4.9 per centafterpulledthe agency "Moody's"credit ratingyesterdayforthe firstclassifiedbeam, sayingthat this was due"for their ownreasons,"without givingdetails.Raysaidyesterdayit had decided notto renew the contractwiththe credit ratingagency "Moody's"because itdoes notoweanypublic debt.
ButDAMAC Propertiessharesraisedagainthe dailymaximumof 15 per cent.Theshares have fallen36 per centin DubaiStock Exchangelast month.Beganrecoveringthis weekafterDamacReal Estate Developmentrecordedan increaseof46 per centin2014earningsper sharenowrather thanwheremost of its losses.
In Kuwait,the index rose0.2percent to6708points, and increased theMSMindexindex1.1percent to6724points.Asthe Bahraini marketindex rose0.6percent to1433points.
Theindexcontinued toPresidentof the EgyptianStock Exchangegainsandclimbed0.9 percentandCommercial InternationalBank (CIB)0.5 per centandwas themain backerof the index.Juhayna Food Industriesclimbed3.6 percentafterGoldmanSachsyesterdayassessment of thecompany's stockrecommendationto"buy"from"neutral"andadded to the listof shares thatfocusonCentral and EasternEurope, Middle Eastand Africa.
