Dubai's shares gained, snapping a two-day drop, on speculation the decline this month was overdone and after U.S. economic data beat estimates, easing concern that the world's biggest economy is slowing. Crude oil rose.
Emaar Properties PJSC, developer of the world's tallest tower, advanced 1.1 percent. Emirates NBD PJSC, the United Arab Emirates' biggest bank by assets, increased the most in a month as four trades were made. The DFM General Index rose 0.7 percent, the most since Aug. 22, to 1,467.62 at 11:40 a.m. in the emirate, trimming this month's decline to 3.3 percent. About 15 million shares were traded compared with a 12-month daily average of 124 million, according to data on Bloomberg.
"The declines have not been justified, but there is uncertainty that is keeping liquidity out of the market," said Mohammed Ali Yasin, chief investment officer for CAPM Investment PJSC in Abu Dhabi. Investors are "tracking developments in the U.S. and Europe, but volumes are low."
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