Dubai shares rose to the highest in more than three months, leading gains in Gulf markets, as investors bought shares before this week’s Muslim holiday on speculation stocks will rally after Ramadan ends.
Emaar Properties PJSC, developer of the world’s tallest skyscraper in Dubai, increased 1.9 percent and Emirates NBD, the United Arab Emirates’ largest bank by assets, jumped to the highest since June. The DFM General Index rose 1.5 percent to 1,592.24, the highest since May 30, at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index gained 0.3 percent.
“It’s the last week of Ramadan effect, where you have investors picking up stocks in anticipation of a post-Ramadan rally,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “Historically, the market has rallied the last two weeks of Ramadan.”
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