Dubai shares rose for the first time in three days after reports showed U.S. employment and consumer sentiment improved, boosting investors confidence in the global economic recovery. Oil traded above $83 a barrel.
Emaar Properties PJSC, builder of the world’s tallest skyscraper in Dubai, climbed for the third time this week and Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, advanced 1.6 percent. The DFM General Index increased 0.5 percent to 1,682.23, at the 2 p.m. close in in Dubai, trimming its loss this week to 0.3 percent. Emerging-markets shares climbed, with the MSCI EM Index increasing as much as 0.4 percent.
“Local investors are tracking the performance of markets around the world; we are part of the global economy,” said Humam Al-Shamaa, economic adviser at Al-Fajer Securities in Abu Dhabi. “The gain is not sustainable as there are pending concerns surrounding the debt situation in Europe, particularly in Ireland. Trading volumes are very low.”
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