The airlines continue to monitor developments across the region
Air Arabia rose the most in more than four months after the Middle East’s largest low-cost airline was raised to “overweight” at HSBC Holdings Plc. Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, advanced to the highest level in a week. The DFM General Index gained 1.4 per cent, the most since April 11, to 1,754.96. The gauge lost 3.4 per cent this week.
Dubai’s measure has declined 4.8 per cent since the end of March, giving the 32 listed companies price-earnings multiples of 6.11 times, according to data compiled by Bloomberg. That compares with a price-earnings ratio of 12.75 for the MSCI Emerging Markets Index.
“The downward trend was not sustainable,” said Ahmed Hamdi, senior relationship manager at Prime Emirates LLC in Abu Dhabi. “What happened today was a correction of that trend. The market was also helped by Air Arabia.”
Air Arabia rose 4.5 per cent, the most since December 14, to 95.8 fils. The carrier was raised from “neutral” with a share- price estimate of 1.15 dirhams at HSBC. Air Arabia has declined 2.2 per cent this month.
Emaar gained 2.9 percent, the most since April 11, to Dh3.94. The company said after the market closed that first- quarter profit more than tripled to 760 million dirhams ($207 million), helped by its shopping mall and hotel units. That exceeded the 336 million-dirham average of six analyst estimates compiled by Bloomberg.
“Speculators wanted to take chances and bet on Emaar profits,” before the earnings were released, said Nabil Al Rantisi, Dubai-based senior vice-president of brokerage at Rasmala Investment Bank Ltd.
Bahrain’s measure jumped 1.3 per cent to the highest level in a week. The ADX General Index retreated 0.2 per cent to 2,815.08, while Qatar’s measure advanced 0.3 per cent to 7,642.95.
The airlines continue to monitor developments across the region
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