DFM index bounces back

After three days of decline, the Dubai Financial Market index finally bounced back, going up 1.89% to 4,739.54 points at the close - the highest level since July 17. Bulls overpowered bears after three days of decline at the Dubai Financial Market (DFM) on strong second quarter results as its benchmark index gained the most in a week.
The DFM General Index jumped by 1.89% to 4,739.54 points at the close — the highest level since July 17. Property giant Emaar’s stock, which has the biggest weighting on the index, recorded 1.89% gain.
More second-quarter results are expected to be announced in the next few days. Emaar is expected to report its second-quarter net income of AED936 million, compared to AED675 million a year earlier, according to the median estimate of four analysts surveyed by Bloomberg.
“Emaar has surprised the market with earnings higher than estimates over the past four quarters,” Ramez Merhi, director of asset management at Dubai-based Al Masah Capital said.
“Using Nakheel as an indicator, since they published solid figures for the second quarter, I would expect Emaar numbers to be good,” Merhi added.
Emaar stocks rose by 1.89% to AED9.70, the biggest advance in a week. Its trading volume reached 5.3 million shares, valuing AED51 billion.