Prime Minister embarks on inspection tour of 10th of Ramadan City factories    State mobilises resources to boost private sector as economic growth driver: Finance Minister    Global gold prices experience 2.6% uptick within 1 week: Gold Bullion    Urgent call for international action amid humanitarian disaster in Rafah    Elevated blood sugar levels at gestational diabetes onset may pose risks to mothers, infants    Hurghada ranks third in TripAdvisor's Nature Destinations – World    President Al-Sisi hosts leader of Indian Bohra community    Revitalising Egypt's private sector: key to economic stability    Egypt delivers 80% of total aid to Gaza, more to come: Moselhi    China in advanced talks to join Digital Economy Partnership Agreement    13 Million Egyptians receive screenings for chronic, kidney diseases    Egypt's annual inflation declines to 31.8% in April – CAPMAS    Asian shares steady on solid China trade data    Taiwan's exports rise 4.3% in April Y-Y    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Microsoft closes down Nigeria's Africa Development Centre    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE Markets Rise in Last-Minute Bets on Dubai Expo 2020
Published in Amwal Al Ghad on 28 - 11 - 2013

United Arab Emirates stock markets rose on Wednesday on last-minute bets that Dubai would win the right to host the 2020 World Expo. Most other Gulf bourses also climbed, while Egypt extended losses to a nearly four-week low.
Dubai's main index advanced 0.5 percent to its highest finish since Nov. 10, although it gave back almost half of its intra-day gains. The measure is 1.8 percent below the multi-year high hit in October.
"Trading in the last month has been more cautious but people are pricing in the Expo win until right before the results," said Sanyalaksna Manibhandu, senior analyst at NBAD Securities. "Whatever the result, you will see profit-taking."
The winning Expo bid is to be announced later on Wednesday. Many analysts are predicting a short-term rally followed by a sell-off to take profits if Dubai wins, and a steeper sell-off in case of a disappointment.
But buyers may then return before the year-end to re-position for annual dividends and fourth-quarter earnings. "You will see better results for the full year, particularly from the banking sector, because impairments have come down," Manibhandu added.
Trading was heaviest in stocks which retail investors believe would benefit most if Dubai hosts the Expo. Dubai Investments, which owns land around the proposed expo site, rose 3.1 percent. Emaar Properties climbed 1.3 percent and Union Properties added 2.7 percent.
The optimism spread to neighbouring Abu Dhabi, with the index there also rising 0.5 percent. Abu Dhabi National Building Materials jumped 8.9 percent; the stock is now up 116 percent this year, following five years of losses.
Qatar's benchmark meanwhile rose 0.8 percent to 10,353 points, a one-week high and near the year's peak of 10,445 points.
Investors are positioning themselves for annual dividends, which will be announced with fourth-quarter earnings in early 2014. Qatar National Bank and Industries Qatar climbed 1.8 and 1.5 percent.
In Egypt, the benchmark index declined 0.6 percent to its lowest close since Nov. 3. The market dropped for a fifth consecutive session from a 34-month high.
Profit-taking was exacerbated by the government's apparent difficulty in the transition back to civilian rule. Arrests of activists after new regulations on protests have shaken support in some quarters for the military-led interim government.
"The market plunged on noise about the pace of political progress...Prices should hold at these levels as the profit-taking phase is over," said Mohamed Radwan, director of international sales at Pharos Securities.
Egypt will hold a referendum on an amended constitution in December, the group drafting it said on Tuesday. That contradicted a statement on Sunday by the prime minister, who said it would be held in late January.
WEDNESDAY'S HIGHLIGHTS
DUBAI
* The index gained 0.5 percent to 2,899 points.
ABU DHABI
* The index climbed 0.5 percent to 3,837 points.
QATAR
* The index rose 0.8 percent to 10,353 points.
EGYPT
* The index retreated 0.6 percent to 6,205 points.
SAUDI ARABIA
* The index ticked up 0.03 percent to 8,301 points.
OMAN
* The index slipped 0.4 percent to 6,726 points.
KUWAIT
* The index advanced 0.5 percent to 7,838 points.
BAHRAIN
* The index eased 0.02 percent to 1,197 points.
Source: Reuters


Clic here to read the story from its source.