Dubai's benchmark stock index rose to the highest level in more than a week as Emaar Properties PJSC (EMAAR) said it received offers for nine times th (more)
's benchmark stock index rose to the highest level in more than a week as Emaar Properties PJSC (EMAAR) said it received offers for nine times the $500 million of Islamic bonds it sold. Egyptian stocks declined.
Emaar, the developer of the world's tallest skyscraper in Dubai, advanced to the highest since May 2. Emirates NBD PJSC (EMIRATES), the biggest bank in the United Arab Emirates by assets, climbed the most in more than two weeks. The DFM General Index rose 0.8 percent to 1,502.54, the highest since July 5, at the close in the emirate. The Bloomberg GCC 200 Index, which tracks the biggest 200 companies in the six-nation Gulf Cooperation Council fell 0.4 percent.
Emaar, which has the heaviest weighting on Dubai's index, sold sukuk last week at a profit rate of 6.4 percent, lower than last year's 8.5 percent. The company's second-quarter profit will more than double to 551 million dirhams ($150 million), according to the mean estimate of four analysts on Bloomberg. Emaar is scheduled to release financial results later this month.
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