Dubai shares rose a tenth day, the longest rally in six years, as investors turned to assets in the politically stable emirate on signs the economy is recovering and after oil advanced.
Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, surged to the highest since December 2009. Dubai Financial Market (DFM) PJSC rose 0.7 percent. The DFM General Index (DFMGI) climbed 0.1 percent to 1,681.93, the highest since Dec. 9, at the 2 p.m. close in Dubai. The measure completed its longest winning streak since April 2005. The gauge, which rose 3.7 percent this week, has surged 24 percent from a low on March 3, surpassing the 20 percent threshold some consider the beginning of a bull market.
Shares are up on the “positive economic environment in the U.A.E. We’re seeing trade and tourism in particular soar and sentiment is good,” said Mahdi Mattar, head of research at Abu Dhabi-based CAPM Investment PJSC. “Internationals are looking at the MSCI inclusion, but more important, local investors are back” after exiting the market amid uprisings that spread in the Middle East. Higher oil has helped gains, he said.
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