Dubai shares gained for the second time this week, led by Emaar Properties PJSC and Dubai Financial Market PJSC, as oil rose and investors speculated yesterday’s drop was overdone given the prospects for economic growth.
Emaar, the United Arab Emirates’ biggest developer, surged 6.2 percent, recovering most of yesterday’s losses. Dubai Financial Market, the region’s only stock exchange to sell shares to the public, also climbed. The Dubai Financial Market General Index rose 3 percent, bouncing back from yesterday’s 5 percent drop, to 2,137.8.
Crude oil rose for a third day, bringing the increase this week to 4.3 percent and climbing above $80 a barrel. Dubai’s market has fluctuated this week, dropping or gaining at least 5 percent each day, until now. Asian stocks fell in the first two trading days of the week on concern the withdrawal of stimulus measures will cause the global recovery to falter.
Emaar group is one of the largest companies in the real estate sector in the world.
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