Dubai’s stock index climbed the most in two weeks, leading Gulf markets higher, on speculation recent declines are overdone given growth prospects and as oil gained for the first time in six days.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, advanced the most since Aug. 3. Emirates NBD, the United Arab Emirates biggest bank by assets, rose 2.1 percent. The DFM General Index climbed 0.9 percent, the most since Aug. 3, to 1,487.28 at the 2 p.m. close in Dubai. The measure has slumped 18 percent this year. The Bloomberg GCC 200 Index increased 0.5 percent.
“Dubai has lost excessively this year” and today’s gains are a rebound from recent declines, said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the U.A.E.’s second-largest lender by assets. “The main problem at this point is the low volumes. There are no local catalysts driving the market.”
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