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Tuesday, 11 October 2011

Dubai Shares Advance on Optimism Europe Crisis Will Be Contained - Businessweek

Dubai’s shares gained for the third time in four days as optimism European policy makers will contain the region’s debt crisis bolstered demand for emerging- market assets.

Arabtec Holding Co., the United Arab Emirates’ biggest construction company, climbed 2.3 percent and Emaar Properties PJSC, the developer of the world’s tallest tower, rose 1.2 percent. The DFM General Index gained 0.7 percent to 1,398.85 at 11:43 a.m. in Dubai. About 21 million shares traded in Dubai today, compared with this year’s daily average of 110 million shares. The Bloomberg GCC 200 Index advanced 0.2 percent.

U.S. stocks rallied yesterday, with the S&P 500 advancing 3.4 percent, after German Chancellor Angela Merkel and French President Nicholas Sarkozy pledged over the weekend to deliver a plan to recapitalize the Europe’s banks and address Greece’s debt crisis by Nov. 3. The STOXX Europe 600 Index rose 1.7 percent yesterday before slipping 0.9 percent today as investors awaited a vote in Slovakia on the euro-area bailout fund.