Google+ Followers

Sunday, 23 July 2017

MIDEAST STOCKS-Amlak boosts Dubai, Qatar pulls back from near pre-crisis level

MIDEAST STOCKS-Amlak boosts Dubai, Qatar pulls back from near pre-crisis level:

"Islamic finance firm Amlak helped to boost Dubai's stock market on Sunday while Qatar pulled back after events at the weekend failed to point to progress in resolving the diplomatic crisis between Doha and neighbouring states.

The Dubai index added 0.6 percent as Amlak surged 3.6 percent to 1.16 dirhams, closing above its 200-day average for the first time since January, though it came far off its intra-day high of 1.24 dirhams. It was the market's most active stock; on Thursday, Amlak had soared 14.3 percent.

Traders attributed the rise to last week's announcement by real estate developer DAMAC that it was partnering with Amlak to sell second homes to customers. However, the partners gave no financial details, and many investors piled into the stock just because it had momentum. DAMAC rose 1.8 percent on Sunday."



'via Blog this'