Dubai’s benchmark stock index climbed to a nine-month high on expectations improved earnings will stoke bigger dividends when companies start reporting later this month.
Dubai Investments PJSC (DIC), which has stakes in more than 40 businesses and is set to report full-year results on Jan. 30, surged 2.9 percent. Emaar Properties PJSC (EMAAR), the developer of the world’s tallest skyscraper, reached a two-year peak. The DFM General Index (DFMGI) rose 0.9 percent to close at 1,681.75, the highest level since April 5 and taking this week’s advance to 4.4 percent.
“Fresh capital is entering the market, chasing dividend paying stocks,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.
Dubai Stocks Rise to Nine-Month High Spurred by Bigger Dividends - Bloomberg
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