Dubai Shares Climb on Apple Earnings, Economic Recovery; Kuwait Advances - Bloomberg

Dubai stocks rose, reflecting gains in global markets, as better-than-estimated earnings from Apple Inc. eased concern about the global economic recovery. Kuwait shares advanced after oil rose to its highest in a week.

The DFM General Index advanced 1.4 percent to 1,531.36, the highest level since June 27, at the close in the emirate. Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, gained the most in almost two weeks. Drake & Scull International, the Dubai-based construction-engineering contractor, advanced to the highest since May 31. The Bloomberg GCC 200 Index rose 0.2 percent and the Kuwait SE Price Index increased 1.1 percent.

Global stocks are experiencing “a strong session” on “Apple’s results and economic data that eased investor concern that the world’s biggest economy may experience a double dip recession,” said Rabih Sultani, a Dubai-based fund manager at Duet Mena Ltd. “Dubai should continue to track global markets” pending local earnings at the end of the month, he said.