United Arab Emirates shares advanced as better-than-expected earnings from Emaar Properties PJSC and First Gulf Bank encouraged buying after three days of losses even as other regional markets fell.
Emaar, the most heavily weighted stock on Dubai’s benchmark index climbed the most in almost a week after posting net income that was almost double analysts’ forecasts. First Gulf gained for a second day after last week reporting a 9.4 percent profit increase. The Dubai Financial Market General Index climbed for the first time in four days, rising 0.9 percent to 2,263.10, its highest close since Oct. 19. Abu Dhabi’s measure added 0.9 percent.
“Companies are getting out of the rut slowly and at least earnings are mostly coming out in a positive direction,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi.
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