Tuesday 31 May 2011

Dubai Shares Advance Most This Month on Greece Aid Optimism - Bloomberg

Dubai shares rose the most in more than a month, led by developer Emaar Properties PJSC (EMAAR), amid speculation European officials will sanction more assistance for Greece, boosting investor appetite for riskier assets.

Emaar, builder of the world’s tallest skyscraper, increased the most in three weeks. Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest bank complying with Shariah rules, rallied 1 percent. The DFM General Index (DFMGI) advanced 1.6 percent, the most since April 27, to 1,559.92 at the 2 p.m. close in Dubai. The measure dropped 4.5 percent this month. The Bloomberg GCC 200 Index (BGCC200) rose 0.3 percent at 2:08 p.m. in Riyadh and the MSCI Emerging Markets Index jumped 1.4 percent.

“The gain in the Dubai Financial Market is clearly on the back of the tick-up in Europe,” said Anastasios Dalgiannakis, a Dubai-based trader at Mubasher Financial Services. “Our markets will follow Europe for now.”

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