Dubai stocks rallied yesterday after quarterly earnings beat expectations and positive investor sentiment on global markets.
Dubai Islamic Bank, the oldest Sharia-compliant lender, said third quarter net profit jumped to Dh722.9 million, from Dh461.3m last year. The shares advanced 3.3 per cent to Dh7.49 on the Dubai Financial Market.
Emirates NBD said it doubled its third-quarter net profit to Dh1.56 billion, from Dh776m last year. The shares of Dubai's biggest lender rose 2.1 per cent to Dh9.35.
“The quarterly results were above estimates and impressed investors,” said Tariq Qaqish, the head of asset management at Al Mal Capital, a Dubai-based investment bank.
“At the same time, markets are getting a boost from what’s happening internationally and Europe specifically. There’s a rebound from the selling sessions in recent days.”
European markets jumped on Tuesday after reports that the European Central Bank was considering purchasing corporate bonds as a way to help banks free up their balance sheets for lending.
Arabtec Holding, the biggest contracting company, jumped 5.7 per cent yesterday to Dh4.08 a share. Emaar Properties, the developer behind Burj Khalifa, advanced 0.9 per cent to Dh10.30. Emaar Malls Group, Emaar's retail unit, was unchanged at Dh3.17.
The DFM General Index rose 2.1 per cent to 4,535.08 points.
The Abu Dhabi Securities Exchange General Index closed up 0.6 per cent at 4,800.06.
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