Dubai shares rose a third day, leading gains in the Gulf, on investor speculation third-quarter earnings in the United Arab Emirates will beat expectations and as oil traded at a five-month high.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper, increased 0.8 percent. Emirates NBD PJSC, the U.A.E.’s biggest bank by assets, advanced the most this month. Qatar National Bank SAQ was headed for the highest close in more than two years after third-quarter profit jumped 37 percent. The DFM General Index increased 0.2 percent to 1,708.85 at 1:04 p.m. in Dubai, bringing its gain for the week to 1.5 percent. The Bloomberg GCC 200 Index of Gulf stocks rose 0.3 percent.
“There are hopes that third-quarter results will be better than expected for selected names,” said Mohammed Ali Yasin, chief investment officer at CAPM Investments in Abu Dhabi. “Volumes are low as investors are in the wait-and-see mode.”
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