| Kippreport.com

DFM records highest gains in six weeks

July 26, 2009 1:16 by Dana El Baltaji

The Dubai Financial Market (DFM) General Index rose by 5.23 percent to 1,843.45 on Sunday after Dubai Islamic Bank (DIB) announced its quarterly profit a day earlier.

The bank said its profit hit AED450 million in Q2, bringing DIB’s net profit for the first half of 2009 to AED820 million, a 37 percent decline over the same period last year.

Its quarterly results exceeded the market’s expectations.

“There is growing anticipation as companies report results that are better-than-expected,” Mohammed Ali Yasin, managing director of securities at Dubai-based Shuaa Securities, told Bloomberg.

DIB’s shares rose by 6.02 percent, closing at AED2.64 per share.

Tags: Dubai Financial Market, Dubai Islamic Bank