U.A.E Shares Climb as Earnings Restore Confidence, Asia Gains

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United Arab Emirates shares gained as earnings boosted investor confidence and Asian markets ended their longest losing streak since 2004. Sorouh Real Estate Co, Abu Dhabi’s second-biggest property developer by market value, added the most in more than three weeks after reporting an increase in operating profit. Dubai Investments PJSC, the holder of stakes in more than 40 companies, rose to the highest in a week. The DFM General Index, which has dropped 11 percent this year, advanced 2.2 percent to 1,599.43 at the close in Dubai. Abu Dhabi’s ADX General Index added 1 percent, the most in almost four weeks.

“International markets experienced positive movement and Asia is trading higher, not to mention our markets have been penalized lately,” said Ali Taqi, director of asset management at AT Capital Management in Dubai. “Results in the U.A.E. have been in line with expectations, and in some cases have beaten estimates.”

Asian stocks ended their longest losing streak since 2004, European shares and U.S. index futures rallied and the yen fell after Federal Reserve policy makers said America’s economy is in a recovery. The MSCI Asia Pacific Index rose 0.8 percent, the first gain in nine days. The Dow Jones Stoxx 600 Index climbed 1.2 percent, the most since Jan. 4, as of 10:27 a.m. in London. “The worst of the storm has passed,” U.S. President Barack Obama said in his State of the Union address last night. Crude oil gained 1 percent to $74.37 a barrel.