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The DFM General Index advanced 1.4 per cent to 1,531.36, the highest level since June 27, at the close in the emirate. Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, gained the most in almost two weeks. Drake & Scull International, the Dubai-based construction-engineering contractor, advanced to the highest since May 31. The Bloomberg GCC 200 Index rose 0.2 per cent and the Kuwait SE Price Index increased 1.1 per cent.
Global stocks are experiencing “a strong session” on “Apple’s results and economic data that eased investor concern that the world’s biggest economy may experience a double dip recession,” said Rabih Sultani, a Dubai-based fund manager at Duet Mena Ltd. “Dubai should continue to track global markets” pending local earnings at the end of the month, he said. Apple, after the US close yesterday, reported earnings per share of $3.51, beating the $3.11 average analyst estimate in a Bloomberg survey. The maker of the iPhone also forecast fourth-quarter sales that topped estimates.
Companies from Gulf Arab nations, including the United Arab Emirates and Saudi Arabia, started releasing earnings this month. Dubai companies are expected to announce results next week.
Emaar advanced 3.1 per cent to Dh3.37. Drake & Scull rose 2.7 per cent to 85.2 fils. Dubai Investments PJSC, the Dubai-based investment company with stakes in more than 40 companies, increased 3.5 per cent to 83.8 fils, the highest since May 24.
Global Investment House KSCC rose 8.9 per cent, bringing the two-day gain to 20 per cent, after the Kuwaiti bank said it repaid $50 million to creditor banks and Dubai court ordered National Bank of Umm Al-Qaiwain to return $250 million to the lender.
Qatar’s QE Index gained 0.3 per cent, while Bahrain’s gauge slipped 0.1 per cent. Saudi Arabia’s Tadawul All Share Index lost 0.6 per cent as of 2:30 p.m. in Riyadh. Oman’s MSM 30 Index declined 0.8 per cent. —
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