U.A.E. Shares Rally to 5-Year High on Earnings; Saudi Climbs - Bloomberg

U.A.E. Shares Rally to 5-Year High on Earnings; Saudi Climbs - Bloomberg:

"United Arab Emirates stock indexes rallied to the highest levels in almost five years on bets the economic recovery will spur company earnings. Saudi Arabian shares rose after Saudi Basic Industries Corp. reported results.
Dubai’s benchmark DFM General Index (DSM) gained 1.8 percent to 2,541.52, the strongest since November 2008, at the close in the emirate, as Dubai Investments PJSC (DIC) jumped 6.1 percent, taking its three-day advance to 16 percent. Abu Dhabi’s ADX General Index increased for an 11th day, its longest stretch of gains in two months, climbing 0.9 percent to 3,857.52, the highest since September 2008.
Dubai’s economy, which is recovering after a property market crash, is set to grow 4.6 percent, on average, between 2012 and 2015, more than twice as fast as in the prior four years, government forecasts show. Tamweel PJSC (TAMWEEL), a mortgage provider based in the emirate, jumped 3.6 percent to 1.16 dirhams, the highest close in a month, after reporting a 40 percent increase in second-quarter profit."

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