Mideast Shares Advance as U.S. Data Ease Recession Concerns; Israel Jumps - Bloomberg

Middle East shares advanced, sending Dubai’s index to a one-week high, as U.S. economic data eased concern the world’s biggest economy is headed for a recession, buoying investor demand for riskier assets.

Emaar Properties PJSC (EMAAR), the developer of the world’s tallest skyscraper, gained 2.2 percent and Dubai Islamic Bank PJSC (DIB) rose to the highest in more than a week. The DFM General Index (DFMGI) climbed 1 percent to 1,478.67, the highest since Aug. 7, at the 2 p.m. close in Dubai. Egypt’s EGX 30 Index (EGX30) climbed 0.7 percent in Cairo and Israel’s TA-25 Index surged 2.8 percent, the most since May 2010.

Gains in local markets were prompted “by a strong international lead from the U.S. over the weekend due to better than expected jobless claims,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai. “Investors want to see the open of international markets tomorrow” and the Islamic holy month of Ramadan is keeping volumes low, he said.

* username: rupertbu