Dubai’s benchmark stock index climbed to the highest in more than two months amid investor speculation Emaar Properties PJSC (EMAAR)’s second-quarter earnings may beat estimates.
Emaar, the developer of the world’s tallest skyscraper in Dubai, advanced to the highest since May 1. Deyaar Development (DEYAAR) PJSC, a Dubai-based property developer, closed at the highest since June 13. The benchmark DFM General Index (DFMGI) climbed 0.9 percent to 1,516.53, the highest level since May 9, at the 2 p.m. close in the emirate. Oman’s measure gained 0.6 percent after BankMuscat SAOG, the country’s biggest bank by assets, reported a 20 percent increase in first-half profit.
The gain in Dubai is “driven by renewed buying interest in Emaar on anticipation of better second-quarter numbers,” said Julian Bruce, the Dubai-based director of institutional sales trading at EFG-Hermes Holding SAE.
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