Dubai shares rose the most in a week and Qatar’s benchmark index climbed for a sixth day as faster- than-estimated growth in U.S. manufacturing bolstered confidence in global economic growth. Dubai Islamic Bank PJSC increased the most since June after Goldman Sachs Group Inc. raised its recommendation on the United Arab Emirates’ largest Shariah-compliant lender. Masraf Al Rayan, a Doha-based bank, advanced to the highest since May. The DFM General Index rose 0.8 percent to 1,497.78, the most since Aug. 26, at the 2 p.m. close in Dubai. The measure added less than 0.1 percent this week. The QE Index gained 0.8 percent to 7,305.96, the highest since May 13.
“Markets opened with enthusiasm today because of yesterday’s great performance in U.S. markets,” said Saad Al- Chalabi, institutional trader at Al Ramz Securities in Abu Dhabi. The gains were limited “because of low volumes and lack of interest.”
The Standard & Poor’s 500 Index jumped 3 percent yesterday, the most since July, after the ISM’s factory index rose to a three-month high of 56.3 in July. Readings greater than 50 signal growth, and the figure was projected to drop to 52.8, according to the median forecast of economists in a Bloomberg News survey. The MSCI Asia Pacific Index gained as much as 1.2 percent.
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