Dubai Stock Index Posts the Biggest Monthly Increase in a Year - Bloomberg

Dubai Stock Index Posts the Biggest Monthly Increase in a Year - Bloomberg:

Dubai’s main equity gauge posted its biggest monthly gain in a year, powered by a revival in the banking sector as better-than-estimated earnings help U.A.E. stocks escape this year’s doldrums.

The DFM General Index has surged 4.8 percent in July, ending five straight months of losses. In Abu Dhabi, the ADX General Index posted its largest monthly gain in more than two years, advancing 6.6 percent. 

The country’s biggest banks led the rally in both markets. Last week, First Abu Dhabi Bank PJSC delivered estimate-beating results for the quarter ended in June and raised its forecasts for the year. Dubai’s two biggest lenders, Emirates NBD PJSC and Dubai Islamic Bank PJSC, also reported higher-than-expected results, as a recovery in construction activity helped boost lending.