Dubai’s shares rose for the first time in four days as Gulf General Investment Co.’s profit more than doubled and on speculation earnings at Arabtec Holding PJSC will improve. Egyptian and Israeli benchmarks also advanced.
Gulf General surged 4.9 percent, the most in more than two weeks. Arabtec, the United Arab Emirates’ biggest construction company, gained the most since Nov. 9. Dubai’s DFM General Index advanced 0.9 percent to 1,702.71 at the 2 p.m. close in Dubai. The market opened for the first time since Nov. 14 after the Islamic holiday. Egypt’s stock gauge climbed 1.5 percent, while Qatar’s measure advanced 1.3 percent.
“Investors are seeing a good opportunity to buy Arabtec on speculation of an improved fourth quarter,” said Kifah Maharmeh, general manager at Al Dar Shares & Bonds Brokerage in Abu Dhabi. “The good movement on Arabtec is shifting to other stocks.”
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