Dubai stocks rose to the highest in more than four months 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 1 percent. Arabtec Holding (ARTC) PJSC, the U.A.E.’s biggest construction company, rose to the highest in more than two years. Dubai’s DFM General Index (DFMGI) surged 2.2 percent to 1,466.84, the highest since Sept. 21, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index increased 0.6 percent at 1:33 p.m. in Riyadh.
“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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