Dubai’s Shares Surge Most in Months


19/02/2012 20:56 AST  Bloomberg

Dubai’s shares surged the most in almost a year on investor confidence debt-burdened companies in the emirate will meet payment obligations without government support and as quarterly earnings beat estimates.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper whose fourth-quarter profit topped expectations last week, advanced the most in almost a month.

Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest lender complying with Shariah rules, rallied 3.3 percent. Dubai’s DFM General Index (DFMGI) advanced 3.6 percent, the most since March 13, to 1,571.09 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 (BGCC200) Index rose 0.8 percent.

There has been “increasing positive sentiment with Dubai entities saying debt will be repaid without government assistance,” said Julian Bruce, director of institutional sales trading at EFG-Hermes Holding SAE in Dubai. With “full-year earnings looking much more healthy and some companies recommencing dividend payments,” trading volume has also improved, he said.

For more on this Click Here

Market News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 30.74 1,844,854
ALMARAI 87.28 152,155
SAICO 46.72 468,156
NBAD 11.8 481,672
ALKHODARI 29.45 399,449
SABIC 80.77 5,741,897
RIBL 16.92 264,001
Recent News

Saadiyat Island deal a new leaf for Arcapita after bankruptcy
Arcapita is bouncing back from Chapter 11 bankruptcy as the Bahrain-based investment house seeks return to property and private equity deals, says its chief executive.

And its first big de

Taqa reports Dh3 billion loss for 2014, will cut capital expenditure
Abu Dhabi National Energy Company, known as Taqa, will cut spending sharply and suspend dividend payments as it reported another sharp annual loss because of the declining value of its oil and gas as

Manufacture in Ethiopia, Omani investors urged
Omani investors have been encouraged to set up manufacturing units in Ethiopia, the most populous landlocked country in the world which provides a great gateway to other markets in Africa and beyond.

Oman Arab Bank’s updated index replaces four firms
Al Arabi Oman 20 Index of Oman Arab Bank replaced four companies in its latest updation. Four companies which found exit from the index are Global Financial Investment, Tageer Finance, Port Services

Projects worth OMR97 million awarded by Tender Board
Tenders worth OMR96.68 million were awarded by the Tender Board on Wednesday. The decision was taken at the Tender Board meeting, which met under the chairmanship of Dr Rasheed bin Al Safi Al Hraibi.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?