Dubai shares rose for a second time this week, adding to this month’s gain in Gulf markets, as the emirate raised $1.25 billion in a bond sale and emerging-market stocks climbed to the highest level since June 2008.
Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, gained 0.8 percent. Drake & Scull International advanced for the first time in three days after the engineering company won a contract. In Kuwait, Mobile Telecommunications Co. soared the most in seven months after CNBC Arabiya reported Emirates Telecommunications Corp. offered to buy a stake in the company. The Dubai Financial Market General Index increased 0.7 percent to 1,702.43 at the 2 p.m. close in the emirate, bringing the surge so far this month to 15 percent.
Investors are “gaining confidence from reports of a positive reception for the Dubai government bond issue,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE in Dubai. Gains in global markets are also helping to lift local stocks, he said.
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