Dubai’s shares advanced the most in three weeks, helping gains in Persian Gulf stock markets, after oil surged on optimism that Europe’s debt crisis may be contained, boosting the appeal for riskier assets.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, climbed 1.8 percent. Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest bank complying with Islamic banking rules, rose the most since May. Dubai’s benchmark DFM General Index (DFMGI) increased 0.7 percent, the most since June 11, to 1,462.52 at the 2 p.m. close in the emirate. The gauge slumped 12 percent in the second quarter. The Bloomberg GCC 200 Index (BGCC200) of the Persian Gulf region’s top 200 equities rose 0.1 percent, while Kuwait’s shares advanced as the resignation of the nation’s cabinet was accepted.
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