Dubai shares rose for the first time in seven days after Arabtec Holding Co. won a contract in India and on investors’ optimism European policy makers will move to contain the continent’s debt crisis.
Arabtec, the United Arab Emirates’ biggest construction company, advanced the most in two months. Emaar Properties PJSC surged the most since August 29. The benchmark DFM General Index climbed 0.8 percent to 1,395.43 at the 2:00 p.m. close in the emirate, trimming this week’s decline to 2.5 percent. About 41 million shares traded today, compared with this year’s daily average of 111 million shares. The Bloomberg GCC 200 Index, which tracks the biggest 200 companies in the Persian Gulf region, rose 0.4 percent.
“Indexes in the U.A.E. are in positive territory due to a supportive global backdrop,” said Julian Bruce, equity sales head at EFG-Hermes Holding SAE in Dubai. “Arabtec news was well received but volumes are still light and buyers are still exercising caution ahead of the weekend.”
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