Real estate shares drive Dubai stock market gains

Real estate shares drive Dubai stock market gains
12/12/2018 , by , in INTERNATIONAL

Egypt’s blue-chip index continued to gain on Tuesday after enjoying its biggest 1-day gain in 2 years in the last session, while Dubai recovered partially from 5-year lows, lifted by gains in real estate shares.

In Dubai, the index added 1.4 percent, with 4 of its 6 real estate stocks increasing.

The emirate’s largest listed developer Emaar Properties gained 2.8 percent after saying it had started business development operations in China, while its unit Emaar Development increased 4.2 percent and Deyaar climbed 3.6 percent.

Dubai Investments soared 11.1 percent, registering its biggest intra-day gain since July 2014; the stock has been sliding recently on weak real estate in Dubai and on MSCI’s decision to move it to the UAE small-cap index from its UAE standard index.

But Gulf Navigation Holding slipped 0.9 percent in active trade after Goldilocks Investment, an indirect unit of Abu Dhabi Financial Group, acquired an 18.32 percent stake in the firm.

Abu Dhabi’s index rose 0.6 percent with Abu Dhabi National Energy surging 6.5 percent and National Bank of Umm Al Qaiwain gaining 6 percent.

The Egyptian index rose 1.5 percent with gainers outnumbering losers by one to five as bank stocks rose.

Egypt’s annual urban consumer price inflation dipped to 15.7 percent in November from 17.7 percent in October, the official statistics agency Capmas said on Monday, exceeding analysts’ expectations.

Bank shares gained after suffering losses in the previous sessions due to proposed tax changes in Egypt with the country’s largest lender, Commercial International Bank, adding 3 percent.

El Sewedy Electric added 5.6 percent; its unit had signed a contract to develop land at Ain Sokhna economic zone.

Sixth Of Development and Investment (Sodic) added 3.4 percent, while Madinet Nasr For Housing And Development gained 2.1 percent after reiterating its interest in completing a merger with Sodic.

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