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Markets surge on earnings growth
DUBAI - UAE shares advanced yesterday as more companies reported second-quarter earnings. The Dubai Financial Market (DFM) General Index added 0.4 per cent to close at 5,243.11 while the Abu Dhabi Securities Exchange (ADX) rose 0.9 per cent to 4,935.39 points.
In the Dubai trading Gulf Navigation Holding climbed for the first time in four days following a recommendation to buy the shares while Gulf Pharmaceutical Industries (Julphar) and Abu Dhabi Commercial Bank (ADCB) rose in Abu Dhabi as they announced growth in quarterly profit.
Gulf Navigation, a Dubai-based shipping company, rose 4.5 per cent to Dh1.61 as it was rated "buy" in new coverage at Global Investment House with a price estimate of Dh2.34.
Kuwait's Grand Real Estate Projects Co recovered with a rise of 10 per cent to Dh3.19. The company was the biggest loser on Thursday with a fall of 14.5 per cent to Dh2.90.
Air Arabia gained 3.9 per cent to Dh1.59.
Julphar topped ADX with a surge of 9.1 per cent to Dh2.52 as first-half profit almost doubled on increased sales.
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