US retail triggers a rebound
Local markets inched higher yesterday as they tracked their global counterparts.
Bellwether Emaar Properties was up 2.1 per cent to Dh2.82 a share. Arabtec Holding, the Dubai contractor, rose 1.4 per cent to Dh1.36 and Aramex, the region's largest courier company, jumped 2.3 per cent to Dh1.75. The Dubai Financial Market General Index was up 1 per cent to 1,478.67 points, the highest in a week.
Optimism was sparked on Friday when US retail sales were reported to have risen 0.5 per cent last month, the most in four months. The Standard & Poor's 500 Index rose 0.5 per cent to 1,178.81 at Friday's close in New York.
Fund managers said the performance of global equity markets signalled a bear market rally given the declines of the past two weeks.
"Unless the second half of the year really turns around and economic indicators show recovery, markets will be in a bear market formation," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai. "This is just a rebound."
In the capital, Dana Gas was up 3.7 per cent to 56 fils a share. Aldar Properties, Abu Dhabi's biggest developer, climbed 1.6 per cent to Dh1.20 and Methaq Takaful Insurance rose 2.1 per cent to Dh1.43. The Abu Dhabi Securities Exchange General Index was up 0.4 per cent to 2,600.48.
Elsewhere in the region: Kuwait's index lost 0.5 per cent to 5,819.50; Bahrain's index was unchanged at 1,267.10; Oman's measure gained 0.9 per cent to 5,479.18 and Qatar's index added 0.1 per cent to 8116.15.
One of its bellwether companies Qatar Telecom said second-quarter profit rose to 673 million rials, from 571m rials in the same period last year, as it added clients.
The Saudi Tadawul All-Share Index was down 0.66 per cent to 6,115.19.
Published: August 15, 2011 04:00 AM