Dubai Shares Climb Most in Three Months on Earnings; Qatar Gains - Bloomberg

Dubai Shares Climb Most in Three Months on Earnings; Qatar Gains - Bloomberg:



"Dubai shares climbed the most since January after first-quarter earnings boosted investor sentiment. Qatar’s gauge advanced.



The DFM General Index (DFMGI) surged 3.3 percent, the biggest jump since Jan. 23, to 5,247.29 at the close. The measure has soared 56 percent this year, making it the best performer among more than 90 benchmarks tracked by Bloomberg. Dubai Islamic Bank advanced 5.5 percent after first-quarter profit more than doubled. Deyaar Development (DEYAAR) rose the most since April 21 after reporting 1.3 billion dirhams ($354 million) in January-April sales. Qatar’s QE Index advanced 1 percent.



Banks including Dubai Islamic Bank and Emirates NBD PJSC, as well as property developers, beat analysts’ earnings estimates as Dubai benefits from an economic recovery. House prices, which more than halved during the global financial crisis, will jump as much as 40 percent in 2014, according to the Land Department."



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