United Arab Emirates and Qatari shares advanced for a second day after earnings at property companies and banks boosted investor sentiment and oil advanced to a one-month high.
Drake & Scull International PJSC, a Dubai-based construction-engineering contractor which started trading in March, surged to a one-month high. Arkan Building Materials Co. gained 1.2 percent as it returned to profit in the second quarter. Ezdan Real Estate Co., Qatar’s largest developer, climbed the most since March after its chief financial officer said it aims to complete seven new compounds with a total of 2,000 units by next year. Abu Dhabi’s benchmark added 0.6 percent to 2,818.87, the highest close since June 17.
“Most of the real estate companies and banks reported pretty OK performance figures,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. “Since they are the ones who determine the economic cycle, investors are getting encouraged.”
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