Dubai’s benchmark stock index advanced the most in almost a week after Emirates NBD PJSC said first-quarter profit rose 27 percent, fueling optimism corporate earnings will exceed analysts’ estimates.
Emirates NBD, the United Arab Emirates biggest bank by assets, rallied 2.4 percent to the highest intraday level since December 2009. Arabtec Holding PJSC, the biggest publicly traded construction company in the emirates, rose for the first time in seven days. Dubai Islamic Bank PJSC, the U.A.E.’s biggest bank complying with Shariah banking rules, gained 1.4 percent. The DFM General Index climbed 0.8 percent, the most since April 20, to 1,651.6 at 11:56 a.m. in Dubai.
“There are positive expectations for first-quarter earnings compared with those in the same period last year,” said Humam al-Shamaa, economic adviser at Abu Dhabi-based Al- Fajer Securities LLC. “Investors are anticipating the results.”
No comments:
Post a Comment