Dubai Financial Market inch up, Emirates NBD Egypt rumours resurface

Share prices on the two main UAE exchanges went up broadly on Sunday.

The Dubai general index closed up 38.86, or 1.1 per cent, at 3,511.24. The index ran up strongly in spring from a low of just above 2,600 in January but has since been trading between about 3,300 and 3,500, mirroring relatively stable oil prices.

Among stocks in Dubai, Emirates NBD shares closed down 5 fils at Dh8.45. as the bank again issued a statement declining to comment on persistent rumours it is in talks to buy Barclays Egypt assets.

The Emirates NBD chief executive Shayne Nelson told The National in March the bank was interested in expanding in Africa through acquisition, but the lender in June issued a clarifying statement to the exchange declining to comment on a report it was in talks with Barclays. On Sunday, the bank again issued a statement via the stock exchange in relation to a local report that it has teamed up with a Moroccan firm to bid for Barclays Egypt, saying “there is no critical information to be disclosed”.

Elsewhere, property stocks also gained, with Arabtec seeing the heaviest volume on the day and closing up 3.3 per cent at Dh1.54.

In Abu Dhabi, the ADX index was up 0.1 per cent at 4,533.50, with property strong, led by Eshraq Properties, which gained 2.7 per cent to Dh0.74.

RAK Ceramics ended unchanged at Dh3.20 after it reported a sharp drop in quarterly earnings after markets closed last Thursday.

Still, brokers including Nour Eldeen Sherif at Mubasher and Anoop Fernandes at Sico Bahrain maintained their “buy” rating on the firm.

Other Gulf markets

Strength in international equities markets at the end of last week helped lift share prices in the Gulf on Sunday with markets most exposed to foreign capital inflows outperforming.

In Saudi Arabia the equities index rose 0.7 percent as all 14 petrochemical stocks advanced; heavyweight Saudi Basic Industries added 0.6 percent.

Nama Chemicals, a small petrochemical producer, added 3.3 percent after it announced its board had recommended a 30 percent share capital increase through a rights issue valued at 400 million riyals ($106.7 million). The company said proceeds would be used to finance the production of new speciality chemicals.

Large-cap companies in other sectors also gained with telecommunications operator Etihad Etisalat (Mobily) climbing 4.1 percent and retailer Jarir Marketing advancing 4.3 percent.

SUNDAY’S HIGHLIGHTS

SAUDI ARABIA

* The index rose 0.7 percent to 6,290 points.

DUBAI

* The index gained 1.1 percent to 3,511 points.

ABU DHABI

* The index added 0.4 percent to 4,546 points.

QATAR

* The index advanced 1.0 percent to 10,789 points.

KUWAIT

* The index gained 0.6 percent to 5,492 points.

OMAN

* The index edged up 0.1 percent to 5,875 points.

BAHRAIN

* The index was flat at 1,157 points.

Source: The National and Reuters