Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



Emaar rallies on Q1; mkts up on global outlook
Published in Daily News Egypt on 25 - 04 - 2010

DUBAI: Emaar Properties advanced on Sunday after the developer's first-quarter profit more than tripled, helping Dubai's index end higher for a second session.
Most Middle East markets rose, bolstered by end-of-week gains on oil and global equity markets as an improved economic outlook lifted expectations for energy demand.
Emaar climbed 2.5 percent, having been up as much as 5.3 percent intraday. Its quarterly profit jumped 221 percent, beating estimates.
"Emaar's results are positive for UAE property stocks, but they do not reflect what other real estate earnings are likely to be," said Shawkat Raslan, Prime Emirates head of sales.
Emaar's earnings beat forecasts on higher-than-expected returns on its malls and hotels business, Credit Suisse wrote in a research note, while Shuaa Capital said Emaar was its top UAE property pick because of its recurring cash flows, geographically diverse projects and relatively low leverage.
Abu Dhabi Commercial Bank added 0.5 percent and Dubai Islamic Bank rose 1.3 percent after the UAE central bank said lenders did not yet have to take provisions for exposure to indebted Dubai World.
"The central bank statement was positive for banks, and will give them time to negotiate the interest on the Dubai World restructured loans till end of the second quarter," said Mohammed Yasin, Shuaa Securities chief executive.
Abu Dhabi National Energy Co and Dana Gas climbed 1.6 and 1.1 percent respectively.
"Service sector stocks like Dana and Taqa are likely to provide sustainable revenues and so are likely to lead gains," said Samer Al-Jaouni, general manager of Middle East Financial Brokerage Co. "Abu Dhabi fundamentals are stronger than Dubai, but Dubai has had more news flow recently, so investors are focusing there."
Al-Rajhi Bank climbed 2.5 percent, bouncing back from last week's earnings-driven drop, as traders bet a bullish economic outlook for Saudi Arabia will translate into improved bank performance.
The kingdom's index rose 0.5 percent to be within two points of April 11's 18-month high.
"I see the Saudi market moving in one direction and that is up - Saudi Arabia does not have any significant debt, it has a large surplus and a substantial spending plan," said Youssef Kassantini, an independent financial analyst.
"The regional geopolitical environment is pretty stable and perhaps the best place in the world to put your money right now is Saudi Arabia."
Oman International Bank dipped 0.7 percent as its quarterly profit missed analysts' forecasts.
"Although OIB has clean books, with very little provisions this quarter, its deposits and loan book fell, which is creating negative sentiment for the stock," said Adel Nasr, United Securities brokerage manager.
Kuwait's Gulf Bank fell 1.3 percent after its first-quarter profit dropped 67 percent. Kuwait Finance House (KFH) lost 1.9 percent.
"Investors are worried about the first-quarter results of KFH and also its exposure to other Kuwait listed companies," said Naser Al-Nafisi, general manager for Al Joman Center for Economic Consultancy in Kuwait, adding sentiment for Kuwait's banking sector was negative.
"The index should trade sideways until the first-quarter results season is over," said Nafisi.


Clic here to read the story from its source.