Dubai’s benchmark index advanced to the highest in almost four months, leading gains in the Middle East, after the United Arab Emirates joined the FTSE Group as an emerging market, spurring demand for local assets.
Emaar Properties PJSC climbed a third day after the board of the developer of the world’s tallest skyscraper in Dubai approved a proposal to sell 200,000 treasury shares. Dubai Islamic Bank PJSC, the biggest Islamic lender in the U.A.E., rose to the highest intraday level since May. The DFM General Index increased 1.8 percent to 1,676.78, the highest since May 24, at 12:19 p.m. in Dubai. Abu Dhabi’s benchmark stock index gained almost 1 percent.
“The stocks joining the FTSE secondary emerging markets index are now exposed to all the funds that track that index,” said Saad al-Chalabi, institutional trader at Al Ramz Securities in Abu Dhabi. “This injects foreign money into the market.”
No comments:
Post a Comment