UAE Shares Gain on Speculation of Banking Earnings

DUBAI — Share prices on UAE bourses rose for a second day as investors speculated Dubai’s biggest lenders may report improved earnings later this month and as the country’s central bank governor said economic growth will accelerate.

By (Bloomberg)

Published: Wed 10 Feb 2010, 11:00 PM

Last updated: Mon 6 Apr 2015, 4:46 PM

Dubai Islamic Bank PJSC, the UAE’s biggest Islamic lender, jumped the most in almost two months. Abu Dhabi Islamic Bank PJSC climbed to the highest since December as the Islamic bank said it may buy back shares. Economic growth in the UAE will quicken from last year’s 0.7 per cent and improve “significantly” in 2011, central bank Governor Sultan bin  Nasser Al Suwaidi said.

The DFM General Index added 0.9 per cent to 1,660.97 points at the close, bringing the two-day increase to 1.9 per cent. The ADX General Index rose 0.6 per cent to 2,719.45 points.

“Some people are expecting improved performance” in the earnings of Dubai’s big banks and Emaar Properties PJSC, said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. The results are “the only light in the tunnel.” Dubai’s index has lost 21 per cent since November 25. ADIB jumped 4.2 per cent to Dh2.99, the highest close since December 14. The bank’s board is meeting on February 14 to discuss the share buyback. —

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