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Wednesday, 26 January 2011

Dubai Shares Advance on Earnings Expectations, Aramex Gains - Bloomberg

Dubai shares advanced a second time this week as Aramex PJSC said it expects earnings to grow and on investor confidence fourth-quarter results will beat expectations. Oil rebounded from an eight-week low.

Aramex, the company with the fifth-heaviest weighting on Dubai’s benchmark, increased to the highest in three months and Emirates NBD PJSC, the United Arab Emirates’ biggest bank, gained 2.1 percent. The DFM General Index rose 0.3 percent to 1,627.97 at the 2 p.m. close in Dubai. Saudi Arabian shares fell the most in a week.

“Aramex has a strategy of expanding into emerging markets and we expect significant growth for the company over the next two years,” said Samir Murad, assistant vice president of research at NBK Capital in Kuwait.