Dubai stocks rose for the fourth time in five days on bets earnings will beat expectations and after the U.S. jobless rate slid to the lowest level in three years, boosting the outlook for the global economy.
Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ lender that last week posted a 25 percent surge in full-year profit, jumped as much as 1.9 percent. Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, headed for the highest close since December. Dubai’s DFM General Index (DFMGI) gained 1 percent, the most since Feb. 1, to 1,449.99 at 11:37 a.m. in the emirate. Abu Dhabi’s ADX General Index (ADSMI) rose less than 0.1 percent.
“A combination of good international news flow and strong banking results announced last week are giving the DFM reason to continue its strong performance,” said Samer Darwiche, a Dubai- based analyst at Gulfmena Investments.
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