U.A.E. Shares Advance on Earnings, Dubai World Debt Optimism - Bloomberg.com
The United Arab Emirates shares advanced for the first time this week after Union Properties PJSC said quarterly profit increased and HSBC Bank Middle East Ltd. said Dubai World’s proposal to restructure its borrowings is “very fair.”
Union Properties, Dubai’s third-biggest developer by market value, surged the most in almost two months as it said first- quarter profit rose 67 percent. Abu Dhabi Commercial Bank PJSC, the U.A.E.’s third-largest bank by assets, rose the most in three months. The DFM General Index climbed for the first time this week, advancing 0.7 percent, the first biggest gain since April 29, to 1,736.61 at the close in Dubai. Abu Dhabi’s ADX General Index climbed 0.8 percent, the most in three weeks, to 2,795.38.
“Local buyers are being dragged into all the large cap names by the performance of UPP and ADCB, as well as some additional positive commentary regarding Dubai World’s debt restructuring,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank.
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