United Arab Emirates’ shares are headed for their highest close in almost a week, led by Emaar Properties PJSC and Arkan Building Materials Co., as investors speculated last week’s drop was overdone given growth prospects.
Emaar, the U.A.E.’s biggest developer, rose to the highest since Nov. 2. Arkan advanced for the first time in four days. The Dubai Financial Market General Index gained 2 percent to 2,139.82, also the highest since Nov. 2, at 12:31 p.m. in the emirate, bouncing back from last week’s 4.6 percent drop. Abu Dhabi’s index added 0.9 percent, the most since Nov. 2.
“Our markets are doing better today, mainly due to the good performance of the international markets on Friday,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. The MSCI Emerging Markets Index rose on Nov. 6, climbing for a third day.
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