Stock News: Dubai Posts Biggest Daily Gain In 10 Weeks On Strong Q1 Results

Dubai’s bourse posted its biggest daily gain in 10 weeks on Wednesday after strong first-quarter earnings from Dubai Islamic Bank and real estate developer Deyaar.

The Dubai index jumped three per cent on its heaviest trading volume this year, hitting a two-month closing high of 3,942 points.

Dubai Islamic Bank (DIB) was the main support, surging 5.3 per cent to Dhs6.75 in active trade. DIB’s net profit attributable to shareholders rose 33.9 per cent year-on-year to Dhs816.7 million ($222.4 million), beating analysts’ estimates; EFG Hermes had forecast Dhs751.21 million and HSBC had expected Dhs677 million.

The stock rose above its 100-day average, now at Dhs6.56, for the first time since November; it faces resistance at the March peak of Dhs6.84.

Deyaar rose 3.9 per cent. The firm became the first Dubai real estate company to post earnings this season and reported a six per cent rise in first-quarter net profit, well ahead of SICO Bahrain’s forecast.

Other property-related stocks also rose: developer DAMAC jumped 3.6 per cent, Union Properties surged seven per cent and builder Arabtec gained 3.7 per cent.