Dubai shares rose for a second time this week as Arabtec jumped the most in four months and stocks advanced globally. Other gulf markets declined.
Arabtec Holding Co., the biggest builder in the United Arab Emirates, advanced to the highest since May 30 after its Saudi unit won a 5 billion-riyal ($1.33 billion) order. Emaar Properties PJSC, the builder of the world’s tallest tower and the company with the heaviest weighting in the Dubai Financial Market General Index, gained the most in more than a week. The Dubai benchmark increased 0.2 percent to 1,689.71 at the 2 p.m. close in the emirate.
“Positive sentiment from abroad pulls buyers gradually into the market,” said Amro Halwani, a trader at Shuaa Capital PSC in Riyadh. “Arabtec’s positive news also helped spur fund inflows into the sector.”
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