Persian Gulf shares gained, sending Dubai’s index to a week high, as Egypt’s government met with opposition leaders to quell protests, stoking speculation the turmoil in the country may ease. Qatar’s stocks advanced.
Emaar Properties PJSC, the United Arab Emirates’ developer with investments in Egypt’s real-estate industry, advanced 1.5 percent. Air Arabia PJSC rose for the third time in four days. The DFM General Index rallied 1.6 percent to 1,605.89, the highest since Jan. 27, at the 2 p.m. close in Dubai. Qatar’s QE Index gained 1.5 percent, led by banks, after the central bank ordered conventional lenders to stop offering Islamic banking services.
“The Gulf Cooperation Council markets took a breather as the tension in Egypt seems to ease,” said Mahdi Mattar, head of research at Abu Dhabi-based CAPM Investment PJSC, an investment banking company.
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