Dubai and Abu Dhabi shares climbed to their highest in a week as investors speculated recent declines were overdone and oil traded near a four-week high.
Emaar Properties PJSC, the United Arab Emirates’ biggest real-estate developer by market value, rose the most in almost two weeks. Arabtec Holding PJSC, the U.A.E.’s biggest construction company surged the most in a year, while Emirates Telecommunications Corp. gained for the first time in four trading days. Dubai’s DFM General Index increased 3.4 percent to close at 1,828.63, the highest since Dec. 20. Abu Dhabi’s ADX General Index added 1.2 percent, to the highest since Dec. 22.
“People are buying for the next year, bargain hunting because some of the stocks are at a good price,” said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC. “Another positive for the market is oil trading at a four-week high.”
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