Persian Gulf shares advanced, sending Dubai’s benchmark stock index to the highest level in two weeks, as protests in Saudi Arabia didn’t escalate, allaying concern that unrest in the Middle East would spread.
Emaar Properties PJSC (EMAAR), builder of the world’s tallest skyscraper, rallied 6.7 percent and Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank, gained to the highest in almost a month after Zawya Dow Jones reported the lender expects to meet analysts’ estimates for 2011 profit. The DFM General Index (DFMGI) jumped 2.6 percent to 1,487.09, the highest intraday level since Feb. 27, at 12:06 p.m. in Dubai. Saudi Arabia’s Tadawul All Share Index (SASEIDX) rose 0.4 percent, following a 3.1 percent rally yesterday.
The protests in “Saudi turned out to be much calmer than anticipated, hence the strong rally in Tadawul yesterday,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment at Royal Capital. “Local markets are following this technical rebound.”
No comments:
Post a Comment