Dubai’s Shares Surge Most in Months


19/02/2012 20:56 AST

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

Bloomberg
Market News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 67.39 9,360,080
GISS 34.85 1,480,014
SAGRINSURANCE 27.72 1,081,168
APBS 0.65 2,800
EMAAR 5.4 25,273,140
ALMARAI 68.92 135,238
RIBL 11.34 657,092
Recent News

Middle East markets favourite destination for Brazilian exports
Brazilian exports to Middle East countries registered significant growth in 2015, latest data shows.
According to figures released by Arab-Brazilian Chamber of Commerce, the South American natio

Emirates NBD release Saudi Arabia PMI: February 2016
In fact, business conditions improved at the weakest pace in the survey’s six-and-a-half year history, with a muted rise in new work the key factor behind the slowdown. Total new business was restric

Riyada hosts second edition of programme to develop SMEs
Dwindling demand is seen as a major threat facing small and medium enterprises in Oman now. The fall in demand is due to the crash in global oil prices, explained by William R Crew, the founder of In

Saudi Arabia’s non-oil growth slows to record
A measure of growth in Saudi Arabia’s non-oil economy fell to a record low as cheap crude weighs on the world’s largest oil exporter.

The Emirates NBD Purchasing Managers’ Index for Saudi

Oman Qatar Insurance plans initial public offering by 2017-end
Oman Qatar Insurance Company, a subsidiary of Qatar Insurance Group, plans to float an initial public offering (IPO) on the Muscat Securities Market (MSM) by the end of 2017, said a top-level officia

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?