Dubai stocks rose the most in a week as Morgan Stanley initiated Emaar Properties PJSC with an “overweight” recommendation and European stocks advanced in early trading boosted by earnings.
The Dubai Financial Market General Index climbed 0.9 percent, the most since July 21, to 1,512.9. Emaar, the builder of the world’s tallest tower and the company with the highest weighting in the benchmark, also rose the most this week. Drake & Scull International PJSC, an electrical and plumbing company, advanced after winning four contracts. The Bloomberg GCC 200 Index rose 0.4 percent at 2:33 p.m. in Dubai.
“The rally today is driven by positive global sentiment,” said Saad Al-Chalabi, institutional trader at Al Ramz Securities in Abu Dhabi. Morgan Stanley’s note on Emaar “helped lift the stock,” he said."
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