The Dubai Financial Market (DFM) made strong strides yesterday, as investors bought up shares amid optimism ahead of third-quarter earnings season.
Emaar Properties, the developer behind the world's tallest skyscraper, advanced 2.2 per cent to close at Dh3.65. Dubai Investments, whose portfolio consists of more than 40 companies, rose 5 per cent to 86 fils. The DFM General Index gained 1.2 per cent to 1,623.24 points.
On the Nasdaq Dubai exchange, shares in the Dubai ports operator DP World rose 3.2 per cent to US$11.75.
"There is a good feeling all round," said Haissam Arabi, the chief executive at the asset manager Gulfmena Investments in Dubai. "Investors are optimistic about the third-quarter results."
Dana Gas gained 2.3 per cent to 44 fils on the Abu Dhabi Securities Exchange (ADX). Aldar Properties, the developer behind Yas Island, added 0.7 per cent to Dh1.33. Sorouh Real Estate, which built the Sun and Sky Towers on Reem Island, gained 0.8 per cent to Dh1.26.
The ADX General Index rose 0.2 per cent to 2,653.47.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 5,980.32; Oman's MSM 30 Index ended slightly higher, up 0.2 per cent, to 5,617.22; Bahrain's index lost 0.2 per cent to 1,076.90; Qatar's QE Index fell 0.3 per cent to 8,503.97. The Saudi Tadawul All-Share Index ended down 0.1 per cent to 6,887.29.
