Dubai shares gained the most in the world on increased speculation OPEC will consider boosting output to compensate for disruptions in Libya and the Persian Gulf weighs an aid plan for Bahrain and Oman.
Arabtec Holding PJSC, the biggest publicly traded construction company in the United Arab Emirates, surged 7.9 percent after it delayed the sale of convertible bonds and a rights offering. Emaar Properties PJSC (EMAAR), builder of the world’s tallest tower, increased a second day. The DFM General Index (DFMGI) climbed 2.1 percent to 1,441.96, the highest intraday level since March 1, at 12:39 p.m. in Dubai. The gauge has lost 11 percent since Tunisia’s President Zine El Abidine Ben Ali was ousted in January. The Bloomberg GCC 200 Index (BGCC200) rose 1.2 percent.
“There is a perfect constellation of short-term positive factors at play in the markets, which given how badly shares were beaten down, investors have taken to with gusto,” said Shehzad Janab, the head of asset management at Dubai-based Daman Investments PSC, which oversees more than 5.5 billion dirhams ($1.5 billion). Speculation that the Organization of Petroleum Exporting Countries will increase output and the Gulf Cooperation Council discussing aid to help Bahrain and Oman quell unrest have helped improve sentiment, Janab said.
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