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.

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Bloomberg

Ticker Price Volume
QNBK 123.29 21,021
JARIR 143.98 13,484
AICC 16.56 103,569
SABIC 98.36 2,678,948
ALMARAI 57.00 297,165
CHEMANOL 6.99 1,858,123
FAB 10.45 2,462,803

ADX 4,505.31 3.26 (0.07%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ADIB 3.81 -0.01 (-0.27%)
FAB 10.45 0.00 (0.00%)
ADCB 7.40 0.01 (0.13%)
CBI 0.82 0.00 (0.00%)
FGB 0.00 0.00 (0.00%)

DFM 3,672.77 27.33 (0.75%)

Market
Dividend Yield (%)
P/E
Price/BookValue
Performance
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Index vs...
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
EMAAR 8.75 0.06 (0.69%)
EMIRATESNBD 8.20 -0.10 (-1.21%)
EMAARMALLS 2.31 0.02 (0.87%)
EIB 7.50 0.00 (0.00%)
DU 5.40 0.05 (0.93%)
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