Markets Update: Dubai's shares rose on Sunday, amid improved investor sentiment, after second quarter results beat topped analyst estimates and strong employment figures in the US, the world's largest economy.
Stocks in Burj Khalifa developer Emaar on the rise
Dubai's shares rose today, amid improved investor sentiment, after second quarter results beat topped analyst estimates and strong employment figures in the US, the world's largest economy.
Emaar Properties, the developer behind the world's tallest skyscraper, added 0.8 per cent to Dh3.45. The company posted a 45 per cent increase in quarterly net income to Dh614 million last week. The Dubai Financial Market General Index gained 0.6 per cent to 1560.18 points.
"Investor confidence is returning, and Dubai's real economy and the real estate market seems to be moving a bit," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.
Global markets rallied on Friday, after data showed job growth in July surged to the highest in five months and signs that Europe was getting closer to resolving its worsening debt crisis. The US' S&P 500 Index jumped 1.9 per cent to 1390.99 points, while the Dow Jones Industrial Average gained 1.6 per cent to 13096.20 points. In Europe, the Stoxx 50 Index surged 4.8 per cent to 2372.58 points, while the DAX Index jumped 3.9 per cent to 6865.66 points.
Aldar Properties, the developer behind Yas Island and Ferrari World, rallied 4.1 per cent to Dh1.25. Sorouh Real Estate, the developer behind Reem Island's Sun & Sky Towers, jumped 2.8 per cent to Dh1.10. The Abu Dhabi Securities Exchange General Index added 0.2 per cent to 2513.92 points.
Elsewhere in the region, Kuwait's measure added 0.1 per cent to 5733.66 points. Bahrain's index slipped 0.2 per cent to 1095.77 points. Oman's MSM 30 Index slipped 0.3 per cent to 5445.76 points. Qatar's QE Index was little changed, down 0.03 per cent, to 8329.59 points. The Saudi Tadawul All-Share Index was unchanged at 6951.66 points.