A slew of negative earnings did not prevent Dubai shares from advancing to their highest this year.

The Dubai Financial Market General Index was largely unchanged in early trading, before rebounding to close up 1.22 per cent at 3,567.37, its highest level since April.

Shares in Emaar Properties rose to their highest level in 12 months, closing up 3.5 per cent at Dh7.34, as the bellwether stock continues to benefit from a wider rally of emerging market equities.

“Emaar is a blue chip company with good cash flow and large capitalisation, so foreign investors are happy to increase their exposure when emerging market flows are positive,” said Tariq Qaqish, the managing director of asset management at Al Mal Capital in Dubai.

“At the same time the stabilisation of oil prices has given investors some comfort to put more money in big names like Emaar.”

AirArabia led the losses, closing down 2.7 per cent at Dh1.42, after the Sharjah low-cost airline announced a 14 per cent fall in second-quarter profits late last week.

Arabtec Holding and Damac Properties fell 1.3 per cent and 0.4 per cent, respectively, after the firms announced second-quarter losses yesterday.

Shares in Abu Dhabi were unchanged at 4,527.06, on a day when all but 14 stocks ended the day unchanged.

Aldar Properties and ADCB were the pick of just five gainers on the capital’s headline index, closing 2.1 per cent and 1.1 per cent higher. FGB and National Bank of Fujairah were the main laggers, falling 0.4 per cent and 7.3 per cent.