Dubai Remains Bullish; Global Mkts Support

Dubai’s bourse is seen extending gains on Sunday, with investors likely to chase prices higher ahead of bellwether Emaar Properties’ fourth-quarter earnings.

The index rose 1.3 per cent on Thursday to close at 4,098 points. This extended its 2014 gains to 21.4 per cent and set a new five-year high, making it the top performing Gulf market this year.

“Buyers are back in the market from immediate support levels (near 4,020) – the main trend remains bullish and if any correction is seen it should hold over the support of 4,020 to keep strong bull forces intact,” Shiv Prakash, senior technical analyst at NBAD Securities research, says in a note.

The market’s bullish sentiment does not seem to be losing steam, with heavy retail investor activity providing support.

Emaar Properties is expected to report its earnings in the coming days. Analysts polled by Reuters on average forecast the developer’s fourth-quarter profit will increase 21.6 per cent.

The backdrop from global markets is benign. World stocks climbed for an eighth session on Friday on signs of a gradual improvement in euro zone growth. Brent crude settled 56 cents higher at $109.08 a barrel.