United Arab Emirates shares rose, with Dubai’s benchmark surging the most in a month, as Abu Dhabi Commercial Bank PJSC (ADCB)’s profit more than doubled, fuelling optimism earnings growth may exceed analysts’ estimates.
ADCB, the U.A.E. third-biggest bank by assets, surged to the highest since October 2008. In Dubai, Aramex PJSC, the Middle East’s largest courier company, increased 2.7 percent as first-quarter profit rose 5 percent, helped by growth in Gulf markets and acquisitions. The DFM General Index (DFMGI) climbed 1.9 percent, the most since March 20, to 1,666.06 at the 2 p.m. close in Dubai. Abu Dhabi’s ADX General Index (ADSMI) advanced 0.6 percent.
“ADCB is showing a healthy beat with its first-quarter numbers providing a welcome shot in the arm,” said Julian Bruce, equity sales head at EFG-Hermes Holding SAE in Dubai. “U.A.E. markets remain dominated by domestic retail players.”
No comments:
Post a Comment