| DUBAI, April 4
DUBAI, April 4 Dubai's market rose to a one-week
high on Thursday as bargain hunters returned, while Egypt's
bourse lifted off a four-month low ahead of the weekend on
renewed hopes of a much-needed $4.8 billion loan deal with the
International Monetary Fund (IMF).
Dubai's measure fell 6.2 percent from Feb. 24's 39-month
peak to reach a two-month low on Monday, but bargain hunters
have since helped the market rebound.
The index continued that trend on Thursday,
climbing 1.4 percent to its highest level since March 24.
"The drop in prices created an opportunity that encouraged
the market bulls, especially foreign investors," said Firass
Yaish, business development manager at One Financial Markets.
"The bulk of their liquidity is extremely selective towards
heavyweight stocks, particularly Emaar. It looks like Emaar is
the winning horse of 2013."
Emaar Properties climbed 0.2 percent to be up 43
percent in 2013. The stock is a favoured pick among investors as
Dubai's real troubled estate sector shows signs of a tentative
Dubai Islamic Bank jumped 4.8 percent, its biggest
one-day advance in two years, while Air Arabia and
courier Aramex rose 3.5 and 2.3 percent respectively.
Abu Dhabi's measure gained 1.2 percent to a 41-month
high. Heavyweight First Gulf Bank rose 4.7 percent.
Investors have been accumulating bluechips in the UAE ahead
of first-quarter earnings, with banks in particular expected to
post strong growth.
In Egypt, the country's planning minister said on Thursday
that the government expects to reach a final agreement on its
long-awaited IMF loan within two weeks, the state news agency
Talks had stalled in recent months over economic reforms
required to seal the deal. Political uncertainty and violent
social unrest also delayed negotiations.
Cairo must convince the global lender it is serious about
reforms aimed at boosting growth and curbing an unaffordable
Egyptians and other Arabs were net buyers. The main
benchmark climbed 1.2 percent, trimming 2013 losses to
Large-caps Commercial International Bank and
Orascom Telecom Media and Technology added 3.4 and 3.5
Elsewhere, Oman's bourse gained 0.9 percent, up for a
third session, as foreign investors bought financial stocks
ahead of first-quarter earnings.
"Speculation on Q1 is driving the market - a huge
participation from foreign investors is boosting confidence in
the market," said Adel Nasr, United Securities' brokerage
manager. "The rally will continue for a while on expectations of
strong results from the investment and banking sectors."
Oman International Development and Investment
jumped 6.4 percent on renewed hopes its subsidiary, Oman Arab
Bank, will be publicly listed, traders said.
Bank Muscat climbed 1 percent and Ahli Bank
gained 0.6 percent.
In Qatar, the measure also rose for a third session,
up 0.1 percent. Gulf International Services advanced 4
percent to its highest level since July 2008. The stock has
rallied in recent sessions on high foreign investor interest.
* The index rose 1.2 percent to 4,985 points.
* The index climbed 1.4 percent to 1,880 points.
* The index advanced 1.2 percent to 3,059 points.
* The index climbed 0.1 percent to 8,577 points.
The index rose 0.9 percent to 6,111 points.
* The index ticked up 0.04 percent to 6,817 points.
* The index slipped 0.2 percent to 1,088 points.