Dubai shares rose for a second day, led by Emaar Properties PJSC (EMAAR) and Emirates NBD PJSC (EMIRATES), as oil prices jumped and stocks rebounded globally. [bn:WBTKR=EMAAR:UH]
Emaar [], builder of the world’s tallest skyscraper, increased a second day and Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, surged 1.9 percent. The DFM General Index (DFMGI) advanced 0.3 percent to 1,582.53, the highest intraday level since May 16, at 12:48 p.m. in Dubai. The Bloomberg GCC 200 Index (BGCC200) rose 0.2 percent and the MSCI Emerging Markets Index jumped 1 percent.
“There seems to be a higher correlation between the Dubai Financial Market and global markets lately,” said Ahmed Talhaoui, the Abu Dhabi-based head of investment at Royal Capital. The increased correlation has been driven by growing concern about complications of the European crisis, U.S. debt reaching its ceiling and the sell-off in commodities, he said.
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