Dubai’s shares advanced the most in almost two weeks on bets a drop this month prompted by worries Greece may default is overdone and amid reports France and Germany may have reached an accord on a Europe rescue fund.
Emaar Properties PJSC, the developer of the world’s tallest tower, rose 0.8 percent after Arqaam Capital Ltd. started the company with a “buy” recommendation. The stock has slumped 9.8 percent in October. Dubai Financial Market PJSC, the only Gulf Arab stock market to sell stock to the public, gained the most since August. The DFM General Index added 0.4 percent, the most since Oct. 6, to 1,363.35 at the 2 p.m. close in Dubai. The gauge has lost 4.8 percent this month.
“The market was very weak in previous sessions, particularly for real-estate stocks, and today we are seeing a technical rebound,” said Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi. “Some of these names have good fundamentals.”
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