Dubai shares rise on firmer oil price

Dubai shares rose 2 per cent on Wednesday, buoyed by firming oil prices and better-than-expected earnings from Dubai Islamic Bank.

DIB, the UAE’s largest Sharia-compliant lender, ended the day 5.3 per cent higher at Dh5.53, the largest one-day gain in more than a month, as fourth-quarter profit climbed 62.8 per cent to Dh1.15 billion.

Shares of Emirates NBD, ­Dubai’s largest conventional lender, rose 3 per cent to Dh7, while the emirate’s bellwether stock, Emaar Properties, rose 1.97 per cent to Dh4.66.

Banks and financial services companies were also among the main gainers on the Abu Dhabi stock exchange, which battled through a sluggish start to close 0.7 per cent higher at 3,827.82.

Al Waha Capital and Abu Dhabi Investment Bank were among the bourse’s main gainers, rising 7.3 and 6.4 per cent respectively.

FGB, Abu Dhabi’s heaviest-weighted stock, proved an exception however, ending the day 2.4 per cent lower at Dh10.

Regional stock markets were helped by steadying oil prices, with Brent crude futures holding at about the $31 per barrel late afternoon.

The Qatar Exchange ended 2.6 per cent higher.

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