Thursday, 27 May 2010
Dubai stocks rose for a second day as oil climbed above $73 a barrel and China said it remained a long-term investor in Europe, boosting appetite for riskier assets. Oman’s benchmark jumped the most since December.
Emaar Properties PJSC, developer of the world’s tallest skyscraper, rose 1.8 percent. Emirates NBD PJSC had the biggest gain since April 11. The DFM General Index advanced 0.9 percent to 1,605.22, paring the drop for the week to 5.1 percent. Oman International Development & Investment Co. led that country’s gauge higher as EFG-Hermes Holding SAE initiated coverage with a “buy” recommendation. Egypt’s EGX 30 gained 2.2 percent.
European stocks rallied and the euro advanced as China’s foreign exchange regulator said reports it was reviewing its euro holdings are “groundless.” Asian shares rose on bets corporate profits can withstand any slowdown caused by the European debt crisis. Crude climbed as high as $73.67 a barrel.