Dubai’s benchmark stock index rose the most in more than a week after dividend announcements by companies including Dubai Investments PJSC (DIC) improved sentiment and as oil rebounded.
Dubai Investments, the owner of stakes in more than 40 companies, advanced 5.1 percent. Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest bank complying with Shariah rules, rose for the second time this week. The DFM General Index (DFMGI) climbed 0.7 percent, the most since March 13, to 1,655.50 at the 2 p.m. close in the emirate.
The measure has rallied 22 percent this year as companies posted improved earnings and dividends. The board of Dubai Investments, which posted a 75 percent drop in 2011 profit, recommended a full-year cash dividend of 5 fils a share. Dubai Islamic said today it will pay a 2011 dividend of 12.5 fils a share, more than the 10 fils it had proposed on March 1.
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