Profits reports drive DFM
Dubai's stock market rose yesterday, lifted by du, after profits at the country's second telecommunications operator surged 57 per cent.
Du advanced 1.2 per cent to Dh3.22, its highest level since April 25, on the Dubai Financial Market (DFM) General Index.
Net income after royalty payment increased to Dh325.5 million in the quarter, compared with Dh207.2m last year.
Emaar Properties surged 4 per cent to Dh3.37 after the region's biggest developer posted a 45 per cent increase in quarterly profit driven by higher income from its malls and revival in the emirate's property market.
Net income advanced to Dh614m, from Dh250m last year. The DFM jumped 1.9 per cent to 1,537.89.
"It was a positive trading day and the justification behind it was the good results," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Abu Dhabi. "Du and Emaar's results were both outstanding but higher liquidity of Emaar attracted more investors."
Aldar Properties and Sorouh Real Estate, meanwhile, lifted Abu Dhabi's index. Aldar, the developer of Yas Island, gained 0.9 per cent to Dh1.12. Sorouh jumped 1.9 per cent to Dh1.03. The Abu Dhabi Securities Exchange General Index rose 0.3 per cent to 2,495.12.
Elsewhere in the region, Kuwait's measure slipped 0.3 per cent to 5,728.47.
Bahrain's index dropped 0.9 per cent to 1,098.98. Oman's MSM 30 Index few 0.2 per cent to 5,364.56. Qatar's QE Index lost 0.1 per cent to 8,276.74.
The Saudi Tadawul All-Share Index rose 0.79 per cent to 6882.86.