Air Arabia results push up Dubai shares

Markets Update: Dubai shares rise, led by Air Arabia, bringing the year's gains for the bourse to more than 20 per cent.

Dubai shares rose on Sunday, led by Air Arabia, bringing the year's gains to more than 20 per cent.

The regional budget carrier jumped 2.2 per cent to 76 fils a share after the company said profits rose 7 per cent to Dh78.7 million. The company plans to pay a dividend of 4.5 fils a share for last year. The Dubai Financial Market General Index was up 1.7 per cent to 1,660.80. The benchmark is up 22.4 per cent since January 2.

"All indicators are now pointing for a continuation of a positive trend," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai. "You have a rally, support from regional and international markets, which is why there hasn't been any aggressive selling or profit taking over this period."

The Abu Dhabi Securities Exchange General Index was up 0.5 per cent to 2,554.23 points.

Elsewhere in the region, Kuwait's benchmark was little changed at 6,091.80 points. Bahrain's index was unchanged at 1,154.13 points. Qatar's QE Index added 0.4 per cent to 5,719.30 points. Qatar's QE Index added 0.4 per cent to 5,719.30 points. The Saudi Tadawul All-Share Index was up 0.6 per cent to 7,075.86 points.