Dubai’s benchmark stock index rose, extending its best start to a year since 2005, amid investor optimism corporate earnings may beat expectations as the emirate recovers from the debt crisis. Egyptian shares fell.
Gulf Navigation Holding PJSC (GULFNAV), Dubai’s only publicly traded tanker owner, climbed to the highest in week after reporting results. Dubai Financial Market PJSC (DFM) rose to the highest in two weeks. The DFM General Index (DFMGI) advanced 0.8 percent to 1,661.67 at the 2 p.m. close in the emirate, taking this year’s rally to 23 percent. The measure is the third-best performing gauge in the Middle East this year after Egypt’s and Saudi Arabia’s. The EGX 30 Index (EGX30) tumbled the most in a week amid rising political tension between the military and the dominant Islamist group.
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