Dubai’s benchmark index climbed the most in almost three weeks on reports that state-owned Dubai World’s talks with creditors to restructure terms of $24.8 billion of debt are progressing.
Drake & Scull International climbed the most in almost a month after HSBC Holdings Plc rated shares of the Dubai-based construction company “overweight.” Emaar Properties PJSC, the builder of the world’s tallest skyscraper, rose the most in almost three weeks. The DFM General Index increased 1.5 percent, the most since April 11, to 1,739.88 after earlier losing as much as 0.5 percent. The benchmark is down 0.9 percent this week.
“The market is focusing on the fact that Dubai World continues to make progress with talks,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “The market is taking the media reports well because it needs progress and a conclusion, so that these matters can be priced in and then we move on.”
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