Dubai’s benchmark stock index advanced to the highest this year on investor expectations first-quarter earnings will exceed estimates and after oil increased for a second day.
Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper, rose to the highest in three months. Emirates Integrated Telecommunications Co. (DU), the phone company known as Du, gained 1.3 percent. The DFM General Index (DFMGI) climbed 1.6 percent to 1,680.96 at the 2 p.m. close Dubai, the highest since Dec. 9. The measure has surged 24 percent from a low of 1,352.24 on March 3, after surpassing the 20 percent threshold some consider the beginning of a bull market.
“There are positive expectations for first-quarter results,” said Mohammed Ali Yasin, chief investment officer at Abu Dhabi-based financial services company CAPM Investments PJSC. “On the macro picture, higher oil prices have supported the rally.” Investor optimism that the U.A.E. will secure an upgrade in June at MSCI Inc. has also helped gains, he said. [bn:WBTKR=DIB:UH]
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