Dubai’s shares surged to the highest level in more than a year as investors bet a recovery in the emirate is more likely amid signs the U.S. economy is improving.
Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, rose for the eighth time in nine days. Dubai Financial Market PJSC (DFM) surged 14 percent. The DFM General Index (DFMGI) advanced 3.1 percent to 1,754.20, the highest since November 2010, at the 2 p.m. close in the emirate. The measure rallied 21 percent in February, the biggest gain among benchmarks worldwide. The Bloomberg GCC 200 (BGCC200) Index of Persian Gulf stocks rose 0.6 percent.
“The global improvement has certainly helped improve the sentiment on Dubai’s stock market, as its economy depends on external demand, including tourism and trade,” said Anas el Maizi, an Abu Dhabi-based fund manager at Royal Capital PJSC. “The out-performance is above all expectations, and the current rally is too strong to be justified by a change in fundamentals.”
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