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Gulf shares gain led by Etisalat, DIB
DUBAI - UAE shares rose led by Etisalat and Dubai Islamic Bank, on speculation companies will report higher earnings this week.
PetroRabigh soared after its initial public offering.
Etisalat announces results on January 29. Dubai Islamic Bank, the biggest bank in the country complying with Islamic banking rules, also may report earnings this week, according to Bloomberg data. Companies in the Gulf are benefiting from oil prices above $90 a barrel.
"Investors expect annual earnings of Etisalat and Dubai Islamic to be quite robust, something in the region of 30 and 50 per cent growth respectively,'' Mohamed Dwaikat, a senior broker at Abu Dhabi-based Al Fajer Securities, said in a phone interview yesterday.
"On top of that, Etisalat is quite cheap at the moment." The Abu Dhabi Securities Market Index added 2.2 per cent to close at 4,683.21, bringing the three-day advance to 8.9 per cent. The Dubai Financial Market General Index increased 1.2 per cent, while Saudi Arabia's Tadawul All Share Index climbed 3.8 per cent.
Etisalat jumped 5.2 per cent to Dh24.5. The stock trades at 18 times estimated earnings, according to data compiled by Bloomberg. That compares with an average of 19 for members of Abu Dhabi's benchmark. Etisalat shares have risen 6.3 per cent this year.
DIB added 1.4 per cent to Dh10.95.
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