Dubai Stocks Advance Most in Two Weeks on Earnings; Saudi Gains - Bloomberg

Dubai Stocks Advance Most in Two Weeks on Earnings; Saudi Gains - Bloomberg:



"Dubai shares climbed the most in two weeks, led by property developer Deyaar Development PJSC (DEYAAR), after gains in emerging markets and better-than-expected corporate earnings boosted sentiment. Saudi Arabia’s gauge also rose.



The DFM General Index (DFMGI) jumped as much as 3.2 percent, the most since Jan. 28, to 4,227.62 before trimming its advance to 2.2 percent at the close in Dubai. Deyaar surged 8.1 percent, the most in a month, after the company’s board recommended foreigners be allowed to own its shares. Saudi Arabia’s Tadawul All Share Index (SASEIDX) added 0.5 percent at 1:36 p.m. in Riyadh.



Emerging-market stocks posted their biggest weekly gain in five months on Feb. 14 after data showed U.S. consumer confidence in February was stronger-than-projected and the euro-area economy expanded more than forecast in the final quarter last year. Deyaar’s 2013 profit quadrupled and earnings at Union Properties PJSC (UPP) jumped almost nine-fold as real estate prices soar on the back of Dubai’s accelerating economic growth."



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