Dubai stocks rose to the highest level in more than two years as the emirates’ biggest companies prepare to report full-year earnings that investors expect will improve amid an economic recovery.
Dubai Financial Market PJSC, (DFM) the only publicly traded Gulf Arab stock market, surged 6 percent. Emaar Properties PJSC, (EMAAR) the developer of the world’s tallest skyscraper, rose to a one-week high. The benchmark DFM General Index (DFMGI) jumped 1.9 percent to close at 1,774.92, the highest level since November 2010 and taking this week’s gain to 1.1 percent. About 392 million shares were traded today, more than double the 12-month daily average.
Dubai’s economy is recovering after a property market crash that started in 2008 sent home prices tumbling more than 65 percent. The economy expanded 5 percent in 2012, the fastest pace since 2007, according to government forecasts. The emirate, which was on the verge of a default in 2009, witnessed a pickup in tourism, with hotel and restaurant industries growing 16 percent in the first half, government data show.
Dubai Shares Jump to 2010 High as Recovery Spurs Profit Optimism - Bloomberg
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