Solid growth of blue-chip firms boosts UAE stocks

Dubai: With the blue-chip companies continuing to post solid growth in their second quarter earnings, Dubai stocks posted strong gains yesterday, extending its rally for the fourth straight day. The market has gained 4.40 per cent since Sunday. But it was more than just the good corporate results that galvanised the investors. "It is a combination of good corporate results and attractive prices that have encouraged investors to start buying," said Sharif Abdul Khalek, manager of institutional accounts at Beltone Financial Securities. "Most of the buying was by local institutions and they were buying the leading stocks such as Emaar, DIC [Dubai Investments Company], Dubai Islamic Bank, Amlak, Tamweel." Led by Emaar Properties, which surged 5.47 per cent to Dh10.60 - its biggest one-day gain since February 20 - the benchmark... [read full story]