Dubai stocks rose to the highest level since May after companies in the United Arab Emirates reported results that beat estimates and U.S. employment data boosted global stocks and oil prices.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, increased to the highest in more than a year. Air Arabia PJSC (AIRARABI), which may this week post an increase in profit, rallied 0.9 percent. The DFM General Index (DFMGI) rose 1.6 percent to 1,575.32 at the close in the emirate, the highest since May 3. Abu Dhabi’s gauge advanced 0.1 percent. About 117 million shares were traded in Dubai, compared with the 12-month daily average of 140 million shares.
“Investors are encouraged by the earnings reported by real estate developers and banks,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “Also, the positive momentum in international equity markets is helping boost confidence.”
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