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.
The pair was likely to find support at 1.2570, Tuesday's low, and resistance at 1
EUR/GBP A Reliable Short Term Put
The Euro has been falling steadily against the Pound since early in the month. While there have been minor gains, they have consistently been lost within a day. However, the pair is unlikely to fall
Monthly Forex Preview for October 2014
The month of September saw the Central Banks take center stage across the board and also saw quite a bit of Central bank intervention in the currency markets, especially the Australian and the New Ze