UAE markets rise ahead of anticipated Q2 results
Dubai - Dubai's index jumped two per cent to a four-week closing high of 4,184 points and the emirate's largest listed developer, Emaar Properties, was the main support, adding 2.3 per cent.
Property companies lifted Dubai's stock market on Monday and banks supported Abu Dhabi as expectations for positive second-quarter results boosted both sectors.
Dubai's index jumped two per cent to a four-week closing high of 4,184 points and the emirate's largest listed developer, Emaar Properties, was the main support, adding 2.3 per cent.
The company has yet to report second-quarter results, but another Dubai developer, Deyaar, posted a 37.5 per cent jump in quarterly profit last week.
Among other property stocks, Damac jumped 2.2 per cent and Union Properties surged five per cent.
Lender Emirates NBD, which last week posted a 26 per cent rise in second-quarter net profit, gained 4.2 per cent to Dh10.15.
"With improvements seen in credit quality and on the liquidity front Emirates NBD looks more appealing as an investment proposition," Egypt's Naeem brokerage said in a note, maintaining the stock as a "buy" with a target price of Dh13.14.
Abu Dhabi's index edged up 0.3 per cent. Abu Dhabi Commercial Bank was one the main supports, rising 1.1 per cent after the lender said its board would review second-quarter results on Tuesday. First Gulf Bank rose 0.3 per cent and Union National Bank climbed 0.7 per cent.
Leading developer Aldar Properties, which also has yet to publish quarterly earnings, climbed 1.1 per cent.
All other major stock markets in the Middle East remained shut for Eid Al Fitr holiday. - Reuters