May 2 (Bloomberg) -- Deyaar Development PJSC advanced to the highest level in more than eight months after the property developer said a recovery in Dubai’s real-estate industry helped first-quarter profit more than double.
The shares surged 4 percent to 39.5 fils, the highest since Aug. 23, at the close in the emirate. About 118 million shares were traded, eight times the three-month daily average, according to data compiled by Bloomberg. The benchmark DFM General Index retreated 0.4 percent.
Dubai’s real-estate industry is recovering from the global financial crisis, which drove down prices more than 60 percent and brought the emirate to the brink of a default in 2009. Deyaar’s profit rose to 19.4 million dirhams ($5.3 million) from 9.4 million a year earlier, while revenue advanced 36 percent to 204 million dirhams.
The stock’s 14-day relative strength index rose to 70 today. A reading above that level indicates to some analysts that a security or index is poised to decline.
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