Dubai Shares Rise Most in Two Weeks on Earnings Expectations; Shuaa Gains - Bloomberg

Dubai shares increased the most in more than two weeks, leading gains in Gulf Arab markets, on investor speculation that recent declines are overdone given prospects for earnings growth. Crude oil advanced.

Emaar Properties PJSC, the developer of the world’s tallest tower, and Arabtec Holding PJSC jumped the most in more than two weeks. Shuaa Capital PSC rose as it appointed a new head for its brokerage unit. Dubai’s index increased 1.5 percent to 1,494.96, the highest this month. The measure has tumbled 21 percent from this year’s peak on March 28. The Bloomberg GCC 200 Index gained 1.1 percent at 4:04 p.m. in Dubai.

“Investors had very low expectations for second-quarter earnings, so a lot of the downside risk is already priced in,” said Sameh Hassan, director of research at Rasmala Investment Bank Ltd. in Dubai. “If the results are anything slightly better than a total disaster then stocks should go higher.”