So far so good, but why not better? Investors are wondering whether tentative signs of recovery in the UAE's banking sector will signal accelerating strides for local stocks towards the more fleet-footed gains on global markets this week.
The Dubai Financial Market General Index advanced 5.8 per cent last week, the highest weekly gains for the index since March. The value of stocks traded on the emirate's exchange was double a week earlier as trading activity returned, putting the index on track for its best month since April last year.
Big lenders led much of the gains last week as they revealed their profits for last year. Abu Dhabi Commercial Bank and RAKBank reported strongly improved earnings last week, although Commercial Bank of Dubai's profits stagnated.
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