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Bloomberg
Dubai’s main equity gauge posted its biggest monthly gain in a year, powered by a revival in the banking sector as better-than-estimated earnings help UAE stocks escape this year’s doldrums.
The DFM General Index has surged 4.8 percent in July. In Abu Dhabi, the ADX General Index posted its largest monthly gain in more than two years, advancing 6.6 percent.
The country’s biggest banks led the rally in both markets. Last week, First Abu Dhabi Bank PJSC delivered estimate-beating results for the quarter ended in June and raised its forecasts for the year.