Dubai stocks rose, snapping a five- day drop, on bets the decline prompted by concern over Europe’s debt crisis was overdone given earnings prospects in the Persian Gulf emirate.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, gained the most since April 22 and Emirates Integrated Telecommunications Co. (DU), the second of two phone companies in the United Arab Emirates, advanced 0.7 percent. The DFM General Index (DFMGI) rose 0.3 percent, the first increase since May 7, to 1,486.36 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index (BGCC200) advanced 0.4 percent.
“The drop associated with concerns over Europe’s debt crisis is completely unjustified, as it’s a correlation based purely on sentiment,” said Waleed Al Khateeb, the senior finance manager at Daman Securities in Dubai. “The measure rallied in the beginning of the year helped by improved earnings and dividends. At the time we were rightly not affected by global economic developments.”
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