Dubai’s benchmark stock index rose on speculation the decline in the past eight days was overdone given higher first-quarter earnings and before Dubai Financial Market PJSC (DFM) reported results.
Air Arabia PJSC (AIRARABI), the Middle East’s biggest discount airline, gained the most in more than a month after posting a 12 percent profit increase. Dubai Financial Market, the only publicly traded Gulf Arab stock market, climbed 1.9 percent. The DFM General Index (DFMGI) rose 0.3 percent, the first gain since April 24, to 1,564.15 at the 2 p.m. close. The measure slumped 6.6 percent in the eight days through yesterday. The Bloomberg GCC 200 Index (BGCC200) fell 0.5 percent.
“We had seen some good profit-taking after a strong rally” even after companies including Emaar Properties PJSC posted improved earnings, said Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi. “Internationally, the world picture is not improving, the downtrend may continue even if the outlook for Dubai looks far better. Dubai may follow the international path.”
No comments:
Post a Comment