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Monday, 6 September 2010

Dubai Stocks Rise to 3-Month High on Global Growth Optimism, Eid Holiday - Bloomberg

Dubai shares rose to the highest in more than three months after U.S. jobs data and a U.K. manufacturing report bolstered confidence in global economic growth and investors bought shares before a Muslim holiday .

Emaar Properties PJSC, developer of the world’s tallest skyscraper in Dubai, advanced to the highest since May and Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, surged 5.3 percent. The DFM General Index jumped 2 percent to 1,568.88, the highest since May 31, at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index of Gulf stocks increased 0.7 percent.

“We were expecting the rally from the positive reaction we saw in the U.S. on last week’s data and during the last week of Ramadan,” said Saad al-Chalabi, institutional trader at Al Ramz Securities in Abu Dhabi. “Emaar broke through major technical levels yesterday, luring investors and fund managers back to the market.”