Dubai Stocks Gain Most in a Week on Emaar Bets; Qatar Declines - Bloomberg

Dubai Stocks Gain Most in a Week on Emaar Bets; Qatar Declines - Bloomberg:



"Shares in Dubai ended a three-day losing streak amid investor bets second quarter earnings at Emaar (EMAAR) Properties PJSC, the developer of the world’s tallest tower, will exceed expectations. Stocks in Qatar fell.



The DFM General Index (DFMGI) advanced 2.1 percent to 4,747.95, the biggest jump since July 21, at 1:26 p.m. local time. Emaar, the stock with the biggest weighting on the gauge, climbed 2 percent. Dubai Islamic Bank PJSC., the largest Shariah-compliant lender in the United Arab Emirates, added 5.3 percent. Qatar’s QE Index dropped 0.7 percent to 12,861.25. 




Emaar is forecast to report second-quarter net income of 936 million dirhams ($255 million), up from 675 million dirhams a year earlier, according to the median estimate of four analysts surveyed by Bloomberg. The company doesn’t say when it will release earnings. Nakheel PJSC, developer of the man-made islands off Dubai’s coast, said on July 9 first-half profit surged 54 percent to 1.85 billion dirhams."



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