Dubai stocks show biggest gains for five months

Stocks listed in Dubai rose 5.23 per cent yesterday, their best one-day gain since February as investors piled back into battered financial and property shares.

Leading the way with a 12.1 per cent rise was the Dubai Financial Market (DFM), the company that manages the exchange. It announced a 48 per cent decline in second-quarter profits two weeks ago compared with the same quarter last year, but its Dh128.3 million (US$34.9m) in earnings still beat analysts’ expectations.

DFM’s share price has surged 29 per cent since July 13.