Dubai shares rose the most in almost two weeks after the emirate’s ruler expressed optimism about the economy and as stocks rallied worldwide on speculation central banks will increase efforts to stimulate global economies.
Emaar Properties PJSC, the builder of the world’s tallest tower, gained to the highest in a week and Dubai Financial Market, the only publicly traded Gulf Arab stock market operator, climbed 1.7 percent. The DFM General Index gained 0.9 percent, the biggest advance since Sept. 26, to 1,704.91 at the 2 p.m. close in the emirate.
Global stocks rallied with the MSCI World Index extending yesterday’s 2 percent gain. The Bank of Japan unexpectedly cut interest rates Oct. 5 and said it would buy as much as $60 billion of assets to keep the economy from faltering, increasing speculation that other central banks will take similar steps. Credit-default swaps tied to Dubai government debt dropped 32 basis points to 386 yesterday, the lowest since the beginning of the Dubai World debt crisis. Asian bond risk fell to the lowest in five months.
No comments:
Post a Comment