Aramex leads Dubai; Qatar at 24-wk high
Aramex climbs 4.6 percent.
September 29, 2010 1:42 by Reuters
Dubai’s index ends higher, led by Aramex as traders bet the company will report strong third-quarter earnings.
Aramex climbs 4.6 percent, recording a 27-month high to take its September gains to 34 percent.
“We might see strong earnings in third quarter for Aramex,” says Samer al-Jaouni, general manager of Middle East Financial Brokerage Co.
“Traders are buying ahead of its third quarter results.”
Emaar Properties rises 0.8 percent ahead of a board meeting on Wednesday.
“Everyone is waiting for reports from the Emaar board meeting,” says Jaouni. “This is why the trade volumes are not huge.”
Arabtec rises 2 percent and Deyaar climbs 0.3 percent.
“The market started bullish because of the positive closing we saw in the US markets yesterday,” says Jaouni.
The Dubai benchmark rises 0.7 percent to end at 1,702 points.
Abu Dhabi’s index climbs 0.6 percent to 2,677 points.
Emirates Telecommunication (Etisalat) gains 0.8 percent following media reports the company has offered to buy a 46 percent stake in Kuwait’s Zain .
Bank stocks help Qatar’s index rise 0.9 percent to 7,714 points, its highest finish since April 14.
“Most investors are now playing safe and waiting for the third quarter results,” said Jaouni.
“Fresh liquidity is getting there and the Qatar market will gain momentum. It will reach the 8,000 mark in the coming weeks.”