Dubai’s shares headed for the highest close in more than five months after companies including Emaar Properties PJSC (EMAAR) announced overseas projects and as investors bet quarterly earnings may rise.
Emaar, developer of the world’s tallest skyscraper, was set for the highest close since December 2010. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, advanced 1.6 percent. The DFM General Index (DFMGI) rose 0.8 percent to 1,639.81 at 10:38 a.m. in Dubai, poised for the highest close since April 26. The gauge rallied 8.7 percent in the third quarter. Qatar’s QE Index (DSM) added 0.2 percent and the Bloomberg GCC 200 Index (BGCC200) of the region’s top 200 equities was little changed.
“Positive sentiment continues from last week as investors are optimistic about third-quarter earnings,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “The latest news from some companies such as Emaar and Arabtec lured investors back into these stocks.”
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