Dubai Shares Gain Most in Week on MSCI Optimism, Europe; Emaar Advances - Bloomberg

Dubai shares rose the most in a week amid optimism the United Arab Emirates may be upgraded to emerging-market status by MSCI Inc. (MSCI) this week and as European leaders agreed on measures to contain the region’s debt crisis.

Emaar Properties PJSC (EMAAR), the builder of the world’s tallest skyscraper in Dubai, climbed for a third day. Drake & Scull International (DSI) PJSC rose to the highest level in a month after its Saudi Arabian unit won a contract. The benchmark DFM General Index (DFMGI) advanced 0.9 percent, the biggest gain since Dec. 4, to 1,396.97 at the 2 p.m. close in Dubai. Abu Dhabi’s ADX General Index (ADSMI) gained 0.7 percent and Egypt’s EGX 30 Index (EGX30) increased 0.4 percent at 12:53 p.m. in Cairo.

U.S. stocks rose last week, sending the Standard & Poor’s 500 Index to its first back-to-back weekly gain since October, after European leaders agreed to boost a rescue fund and reports spurred optimism about the U.S. economy. The European Central Bank lowered interest rates last week and said it may do more to stimulate bank lending and fight off a recession.

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