Dubai stocks jumped to a ten-month high as company earnings and dividends boosted investor confidence and after a Greek bailout and U.S. jobs data lifted global markets last week.
Emaar Properties PJSC, developer of the world’s tallest tower, rose 2 percent. Air Arabia PJSC, the Middle East’s biggest discount airline, climbed to a 10-month high after reporting a 7 percent increase in profit. The DFM General Index rallied 1.5 percent to 1,657.12, the highest intraday level since April 28, at 10:48 a.m. in Dubai. The measure, which entered a bull market last week, surged 27 percent from a low in January. The Bloomberg GCC 200 Index gained 0.2 percent.
The 31 stocks in Dubai’s benchmark stock index are valued at an average 0.8 times net assets, or book value, below the average 1.7 times for emerging market stocks. Volumes have picked up this month, reaching 564 million shares on Feb. 23, the highest since March 2010 and almost five times the 12-month daily average of 115 million shares.
No comments:
Post a Comment