U.A.E., Qatari Shares Advance as Oil Surges to 10-Month High

United Arab Emirates and Qatari shares gained as oil rose to its highest level since October after equity markets rallied on speculation the global recession may be easing.

The Dubai Financial Market General Index climbed 2.5 percent, the most since Aug. 13. Abu Dhabi’s index added 1 percent and Qatar’s DSM 20 Index increased 2.3 percent, the most since July 26.

“This is a huge reversal,” said Akram Annous, deputy fund manager at Al Mal Capital PSC, citing oil prices of about $65 a barrel a week ago. “Investors are buying on the fact that last Monday the concept was that markets were going to collapse, but then the U.S. flipped its nose up and turned things around.”