Dubai’s shares headed for the biggest gain in almost a week after banks flocked to Greece’s debt swap and U.S. employers increased hiring, boosting investor appetite for riskier assets.
Dubai Financial Market PJSC (DFM), the only publicly traded Gulf Arab stock market, climbed 4.8 percent. Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, rose for the second time this week. The benchmark DFM General Index added 0.9 percent, set for the biggest gain since March 4, to 1,622.57 at 11:33 a.m. in the emirate, trimming its losses this week to 4.7 percent. The Bloomberg GCC 200 Index, which tracks the biggest 200 companies in the six-member Gulf Cooperation Council, rose 0.1 percent.
“The mood is bullish from investors’ perspective and they have more tolerance for risk,” said Chahir Hosni, equity sales manager at EFG-Hermes Holding SAE in Dubai. “With the markets in the U.S. and Europe doing better this is obviously helping."
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