Dubai’s benchmark index climbed to the highest in a week after Emaar Properties PJSC, the measure’s biggest company by weighting, said quarterly profit more than tripled and oil rose above $85 a barrel.
Emaar, the builder of the world’s tallest skyscraper, rose to the highest since April 15. Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Islamic lender, advanced the most in two weeks. The DFM General Index increased 0.8 percent to 1,769.34, the highest since April 18.
“Emaar’s earnings beat expectations and the stock is looking very cheap and attractive,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “Global markets and commodities are performing well, helping push up the Saudi market yesterday and Dubai’s index today.”
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