Google+ Followers

Sunday, 9 October 2011

Dubai Shares Rise on Europe Debt Optimism, Oil Rally - Bloomberg

Dubai’s shares rose to the highest in almost a week, led by Emaar Properties PJSC (EMAAR), after oil rallied amid optimism European leaders will tame the region’s debt crisis and as U.S. economic data improved.

Emaar, the developer of the world’s tallest tower in Dubai, climbed as much as 1.6 percent. Dubai Financial Market PJSC, the only Gulf Arab stock market to sell shares to the public, rose. The DFM General Index (DFMGI) gained 0.4 percent to 1,400.74, the highest intraday level since Oct. 4, at 10:53 a.m. in Dubai. Oman International Bank SAOG surged the most in two years as it said it’s in early stage talks to merge its business with HSBC Holdings Plc’s Oman operations.

“United Arab Emirates equity markets are trading positively in line with the global markets last week,” said Sherif El Zeneiny, head of equity trading at National Bank of Abu Dhabi PJSC. Oil’s gain is also helping boost Gulf markets, he said.