|10-22-2014, 09:40 PM||#1|
Dubai`s shares lead regional markets higher
Shares in Dubai led gains in regional markets, boosted by estimate-beating third quarter profit by Emirates NBD and amid a rally in global markets.
The Dubai Financial Market (DFM) notched back-to-back gains for the first time this month, in the wake of a global rally spurred by the European Central Bank’s announcement of more debt purchases.
Sentiment received a boost on Wednesday after Emirates NBD, UAE’s second-largest bank reported double profit in the third quarter, together with a 56% rise in quarterly profit for the Dubai Islamic Bank.
Shares in the Dubai Islamic Bank climbed 3.3% and Emirates NBD gained 2.2%.
The DFM ended Wednesday’s session 2.34% higher, paring the residue from this month’s sell-off to 9.9%.
The Abu Dhabi Exchange gained 0.6%, while Qatar’s Index jumped 1.9%. Saudi Arabia’s Tadawul was last up 0.75%.
Regional stock markets’ are coupled with global markets in terms of performance, and local catalysts are only adding some positivity to the reaction in the global market rebound.
The Standard & Poor’s 500 index jumped 2% on Tuesday, marking the fourth straight gain, while the pan-European Stoxx 600 was up 0.07% after jumped 2.1% on Tuesday.
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