Dubai shares surge on Iran nuclear deal

Dubai shares rose by their highest level in more than a month on the last day of trading before the end of Ramadan, as investors digested the news of Tuesday’s historic nuclear deal between Iran and the United States.

Dubai’s headline index jumped 1.2 per cent at 4,101.90, with the blue chips Dubai Islamic Bank and Emaar Properties gaining 2 per cent and 1.8 per cent respectively.

“There has been good news from Greece and particularly Iran, as well as some positive quarterly results, so sentiment has been good,” said Khaldoun Jaradat, the trading manager at Brokerage House Securities in Dubai. “The impact would probably have been greater if it we were not so close to the end of Ramadan.”

Salama Islamic Arab Insurance was the day’s best performer, rising 7.96 per cent to 61 fils on volumes of 8 million shares.

Emirates NBD’s shares rose by 0.41 per cent to Dh9.74, after reporting a 26 per cent rise in second-quarter profit.

In the capital the Abu Dhabi Securities Exchange General Index rallied for the fifth day in a row, its longest winning streak in a month.

The index ended 0.69 per cent higher at 4,809.85, on the back of gains by National Bank of Abu Dhabi, FGB and National Bank of Fujairah.

Aldar Properties had its highest one-day gain in more than two weeks, rising 1.88 per cent to Dh2.71.

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