Dubai’s shares advanced to the highest in three months on speculation quarterly earnings may beat expectations and as global markets rose after the U.S. Federal Reserve took steps to boost economic growth.
Emaar Properties PJSC, developer of the world’s tallest skyscraper, rallied 1.5 percent. Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest bank complying with Shariah rules, jumped for a fifth day. Dubai’s DFM General Index increased 0.8 percent to 1,417.26, the highest intraday level since Oct. 30, at 11:41 a.m. in the emirate. Abu Dhabi’s ADX General Index climbed 1.7 percent, the most since Dec. 15.
Abu Dhabi Commercial Bank PJSC, the United Arab Emirates third-biggest bank, said on Jan. 26 full-year profit rose to 3.03 billion dirhams ($825 million) from 381 million dirhams, beating analysts’ estimates. The shares rose 1 percent today. Dubai’s stocks are valued at about 8.5 times estimated earnings, data compiled by Bloomberg show. That compares with 10.1 times for emerging market stocks and the Bloomberg GCC 200 Index.
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