Positive outlook lifts UAE markets

Investors buy up shares of UAE companies as sentiment improves amid higher corporate earnings.

Dana Gas jumped 2.7 per cent to 38 fils in Abu Dhabi. Courtesy Dana Gas

Local equities surged yesterday after investor sentiment was boosted amid higher corporate earnings and expectations of a stronger outlook this year.

Dana Gas jumped 2.7 per cent to 38 fils in Abu Dhabi. The UAE gas explorer and producer said full-year profit reached Dh506 million, up from Dh158m a year earlier.

"We need to see more positive cashflow coming to the company to help make a rational investment decision on the stock," said Tariq Qaqish, a senior fund manager at Al Mal Capital.

Dana Gas has a US$1 billion Islamic bond due in October.

Deyaar Development gained 3.7 per cent to Dh22.4 fils in Dubai.

The developer said it would hand over 1,080 homes and commercial properties valued at Dh1.5bn this year.

Tamweel surged 6.4 per cent to 68 fils. The Islamic mortgage company on Sunday said fourth-quarter rose to Dh31m from Dh8m in the same period a year earlier.

The Abu Dhabi Securities Exchange General Index slipped 0.4 per cent to 2,421.62, while the Dubai Financial Market General Index added 0.2 per cent to 1,404.91.

Elsewhere in the region, Kuwait's index added 0.1 per cent to 5,865.40; Bahrain's measure lost 0.3 per cent to 1,135.56; Oman's MSM 30 Index was little changed at 5,591.2; Qatar's QE Index added 0.3 per cent to 8,472.38.

The Saudi Tadawul All-Share Index rose 0.08 per cent to 6,560.25.