Dubai’s benchmark stock index advanced to the highest level in more than six months on investor speculation corporate earnings may beat analysts’ estimates, spurring bigger dividend payouts.
Emaar Properties PJSC, the builder of the world’s tallest skyscraper, climbed to the highest level since Aug. 4 before reporting fourth-quarter profit that beat analysts’ estimates. Deyaar Development PJSC, a real-estate developer, jumped 7.3 percent. The DFM General Index climbed 1.2 percent to 1,539.23, the highest since Aug. 4, at the 2 p.m. close in Dubai. In Abu Dhabi, Aldar Properties PJSC rose after the company bailed out by the emirate recommended a cash dividend of 5 fils a share.
Aldar’s dividend plan helped boost investor sentiment for property developers in the United Arab Emirates, said Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital. “It was a big surprise for a company which was bailed out by Abu Dhabi government and suffered from serious negative cash flow to distribute cash dividends,” Qaqish said.
No comments:
Post a Comment