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Sunday, 26 September 2010

Dubai Stocks Rise to Four-Month High on Global Growth Prosepects, Oil Gain - Bloomberg

Dubai shares climbed to the highest level in four months, leading a Middle East rally, after a U.S. durable goods report and German consumer confidence eased concern about growth prospects. Oil rose the most in two weeks.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, increased 1.6 percent and Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, advanced the most since Sept. 21. The DFM General Index gained as much as 1.8 percent to 1,719.72, the highest intraday level since May 18. The index was at 1,709.37 at 11:46 a.m. in Dubai. The Bloomberg GCC 200 Index added 0.2 percent and Egypt’s EGX 30 Index rose for a sixth day, climbing 0.9 percent.

“The strong performance of U.S. and European markets last week helped boost investor sentiment in the region,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the U.A.E.’s second-largest lender by assets. “We expect foreign investments to increase as the overall situation improves.”