Dubai shares rise to highest in week on Emaar profit
Monday, 26 April 2010
DUBAI, Apr 25 (Bloomberg): Dubai's benchmark index climbed to the highest in almost a week after Emaar Properties PJSC, the measure's biggest company by weighting, said quarterly profit more than tripled and oil rose above $85 a barrel.
Emaar, the builder of the world's tallest skyscraper, rose the most in almost two weeks. Dubai Islamic Bank PJSC, the United Arab Emirates' largest Islamic lender, advanced as much as 3.1 per cent.
The DFM General Index increased 1.3 per cent to 1,776.99, the highest since April 19, as of 1:03 pm in Dubai.
"Emaar's earnings beat expectations and the stock is looking very cheap and attractive," said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. "Global markets and commodities are performing well, helping push up the Saudi market yesterday and Dubai's index today."
Emerging-market stocks rose on April 23 after Greece asked the European Union to activate a rescue package and the biggest jump in US new home sales in almost five decades bolstered optimism the economy is improving.
Crude oil for June delivery climbed 1.7 per cent to $85.12 a barrel on the New York Mercantile Exchange last week. Shares in Saudi Arabia, holder of about 20 per cent of the world's proven oil reserves, surged 1.9 per cent yesterday, the most since December.
Emaar climbed 3.3 per cent, the most since April 12, to 4.07 dirhams. The company said after markets closed last week profit more than tripled to 760 million dirhams ($207 million).
Emaar, the builder of the world's tallest skyscraper, rose the most in almost two weeks. Dubai Islamic Bank PJSC, the United Arab Emirates' largest Islamic lender, advanced as much as 3.1 per cent.
The DFM General Index increased 1.3 per cent to 1,776.99, the highest since April 19, as of 1:03 pm in Dubai.
"Emaar's earnings beat expectations and the stock is looking very cheap and attractive," said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. "Global markets and commodities are performing well, helping push up the Saudi market yesterday and Dubai's index today."
Emerging-market stocks rose on April 23 after Greece asked the European Union to activate a rescue package and the biggest jump in US new home sales in almost five decades bolstered optimism the economy is improving.
Crude oil for June delivery climbed 1.7 per cent to $85.12 a barrel on the New York Mercantile Exchange last week. Shares in Saudi Arabia, holder of about 20 per cent of the world's proven oil reserves, surged 1.9 per cent yesterday, the most since December.
Emaar climbed 3.3 per cent, the most since April 12, to 4.07 dirhams. The company said after markets closed last week profit more than tripled to 760 million dirhams ($207 million).