Dubai shares rose to an almost two- month high on bets quarterly profits will beat expectations and as the emirate’s bonds climbed to the highest on record last week after Dubai World and creditors signed a debt accord.
Egypt’s EGX 30 Index dropped 1.4 percent at 1:12 p.m. in Cairo after protesters clashed with security forces over the weekend. The DFM General Index (DFMGI) climbed 0.9 percent to 1,569.8, the highest since Feb. 16, at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks gained 0.2 percent and Abu Dhabi’s index rose 0.4 percent. Emaar Properties PJSC (EMAAR), builder of the world’s tallest tower, advanced 1.3 percent. Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, rallied to the highest since 2009.
“Banks in particular are expected to report better numbers for the first quarter,” said Julian Bruce, equity sales head at EFG-Hermes Holding in Dubai. “Positive sentiment regarding Dubai bonds now that Dubai World has achieved quorum on its debt restructuring is spilling over into equities.”
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