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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.

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