Middle East shares rose, sending Dubai’s measure up the most in two weeks, as U.S. politicians began a fresh attempt to reach an agreement on raising the country’s debt limit two days before a default deadline.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper, gained 2.1 percent and Dubai Islamic Bank PJSC rallied the most in three months as second-quarter profit rose 10 percent. The DFM General Index climbed 0.8 percent, the most since July 13, to 1,517.58 at the 2 p.m. close in Dubai. The measure was little changed in July. The Bloomberg GCC 200 Index rose 0.3 percent at 2:17 p.m. in Riyadh after slipping as much as 0.3 percent earlier. Egypt’s EGX 30 Index gained 0.4 percent and Israel’s TA-25 index fell 1 percent.
Reports that “there is a preliminary agreement on a deal between President Barack Obama and the Republicans” helped push up stocks, said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai.
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