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Dubai Stocks Jump to Highest Since 2009 as Drake & Scull Surges


10 Apr 2013 07:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق


Dubai's benchmark stock index surged to the highest level in more than three years amid investor speculation first-quarter corporate profits may beat estimates and as banks repaid state loans ahead of time.

The DFM General Index (DFMGI) climbed 2.4 percent to 1,962.92, the highest since November 2009, at the close in the emirate. Dubai Islamic Bank PJSC (DIB), the biggest Shariah-compliant lender in the United Arab Emirates, advanced the most since December. 2009. Drake & Scull International (DSI) PJSC rose to the highest since 2012 amid takeover speculation, which the company denied.

Dubai Islamic, which raised $1 billion in perpetual sukuk last month to boost capital, has surged 17 percent since its April 7 announcement that it repaid a 3.75 billion dirham ($1 billion) Finance Ministry loan it took during the global financial crisis. Drake & Scull may report a 10 percent increase in profit this year, after a 42 percent drop in 2012, according to the mean estimate of nine analysts on Bloomberg.


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