Qatar and Dubai stocks rose, leading gains in the oil-rich region, as crude traded above $81 a barrel and after U.S. data topped forecasts, easing concern that the global economic recovery is faltering.
Industries Qatar, the second-biggest petrochemicals maker in the Middle East, advanced 2.4 percent and Emaar Properties PJSC, builder of the world’s tallest skyscraper in Dubai, gained the most in two weeks. The QE Index climbed 1 percent to 7,103.89, the highest level in six weeks and Dubai’s DFM General Index increased 1.2 percent, the most since July 21. The Bloomberg GCC 200 Index rose 0.4 percent at 3 p.m. in Dubai.
“We had very positive indicators yesterday in U.S. equities rallying and oil prices rising above $81,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha.
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