Dubai’s shares rose to the highest level in more than nine months as investors bought low-priced stocks on bets the Dubai economy is recovering and after corporate earnings topped analysts’ estimates.
Deyaar Development PJSC, the property company controlled by Dubai Islamic Bank PJSC, soared to the highest level in almost two years. Dubai’s DFM General Index rose 0.6 percent to 1,618.75 at 1:25 p.m. in the emirate, the highest intraday level since May 11. Gulf Navigation Holding PJSC jumped for a sixth day. Abu Dhabi’s ADX General Index advanced 0.2 percent, while the Bloomberg GCC 200 Index added 0.1 percent. About 424 million shares traded in Dubai today, compared with the 12-month daily average of 113 million shares.
“The market is resilient and the move is more on the small denomination-type shares,” said Haissam Arabi, the Dubai-based chief executive officer at Gulfmena Investments Ltd. “Investor interest is coming back, the valuations are good, the numbers that are coming out are better-than-expected and the banks are doing well,” he said.
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