Dubai shares rose the most in more than two months, leading a Middle East rally, after growth in U.S. private employment fueled optimism that the world’s biggest economy will avoid a recession.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper, soared 5.4 percent and Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, advanced the most since July 19. The DFM General Index jumped 2.7 percent, the most since June 20, to 1,538.09 at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index of Gulf stocks gained 0.5 percent at 3:18 p.m. in Dubai. Israel’s TA-25 Index climbed 1.6 percent.
“Tracking the strong international markets performance over the weekend helped heavy-weighted stocks break above key resistance points,” said Marwan Shurrab, assistant fund manager and chief trader at Gulfmena Alternative Investments Dubai. The upcoming Muslim Eid holiday also helped, he said.
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