Dubai's shares climbed to a nine- month high on bets some of the emirate's biggest companies will post full-year profit growth as the economy recovers (more)
's shares climbed to a nine- month high on bets some of the emirate's biggest companies will post full-year profit growth as the economy recovers.
Emaar Properties PJSC (EMAAR), developer of the world's tallest skyscraper, advanced to the highest level in almost three years. Emirates NBD, the biggest United Arab Emirates bank by assets, climbed 1.1 percent. The DFM General Index (DFMGI) rose 0.7 percent to 1,694.13, the highest since April 4, at the close in Dubai. The measure added 4.4 percent last week after U.S. lawmakers passed a bill averting the so-called fiscal cliff. Abu Dhabi shares increased 0.9 percent today.
"Expectations for annual results are strong," said Nabil Al Rantisi, managing director of brokerage at Abu Dhabi-based Menacorp, who added that the U.S. budget news was also supporting shares.
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