United Arab Emirates shares gained, sending Dubai’s benchmark stock index to the highest in more than a week, after earnings at the Persian Gulf country’s real estate companies beat estimates.
Emaar Properties PJSC (EMAAR) rose for a second day after the developer of the world’s tallest skyscraper said quarterly profit more than doubled. In Abu Dhabi, Sorouh Real Estate (SOROUH) PJSC rallied 1.9 percent after net income climbed 34 percent. The DFM General Index increased 0.3 percent to 1,542.64, the highest close since July 18. The measure rallied 6.3 percent in July, the first monthly gain since February. Abu Dhabi’s gauge rose 0.5 percent and Qatar’s QE Index (DSM) advanced 0.3 percent.
Gains are being driven “by second-quarter earnings, which is the local catalyst, and then you have that combined with some improvement in the global markets,” said Chahir Hosni, equity sales manager at EFG-Hermes Holding SAE in Dubai.
No comments:
Post a Comment