DP World earnings boost Nasdaq Dubai

Market Update: A strong set of earnings from DP World brings large gains on the Nasdaq Dubai, while stocks worldwide extend their rally.

Surging trade during the first half of the year gave a boost to DP World, the Dubai-based ports operator.

After reporting net profits for the first half of the year of US$281 million, a 36 per cent increase on a year earlier, DP World's stocks rose 2.33 per cent to $11 per share. Analysts polled by Bloomberg had expected profits of $187m.

The boost to the Nasdaq Dubai's biggest member pushed the index up 0.4 per cent to 1,513.80 in early trading.

The Dubai Financial Market General Index rose 0.5 per cent to 1,464.78, while Abu Dhabi's market rose 0.1 at 2,585.55.

Tamweel, Emaar Properties and Emirates NBD were among the biggest movers on Dubai's market, though patchy volumes persisted in the last day of trading before markets close to mark Eid Al Fitr on Tuesday.

Asian stocks rose strongly in the early hours of the morning, with the Nikkei 225 gaining 1.54 per cent to 8,772.36, and the Hang Seng Index increasing 1.28 per cent to 19,715.37.

Gold extended its sell-off overnight, falling 5.69 per cent to $1,740.05 per troy ounce. The yellow metal has now lost more than $170 in the last two days.

Published: August 25, 2011 04:00 AM

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