UAE, Egypt stock markets surge on strong Q2 earnings

August 3, 2014 2:36 am

United Arab Emirates and Egypt’s stock markets rose on Thursday on the back of strong second-quarter earnings at banks and expectations for similar performances by real estate developers, Business Recorder reported. The Dubai benchmark added 2.0% as the UAE markets resumed trading after three days of Eidul-Fitr holidays. Dubai Islamic Bank, which posted a 59.6% jump in second-quarter net profit last week, was the main support, rising 3.1%. Construction firm Arabtec dominated turnover, jumping 4.9%as stock exchange data showed its largest shareholder, former chief executive Hasan Ismaik, continuing to trim his stake, which has dropped since last week to 28.59%from the original 28.8%.