Dubai’s stocks rose the most in more than a week amid optimism Europe’s policy makers will take steps to ease the region’s debt crisis and that quarterly earnings at the emirate’s real-estate companies will beat estimates.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, advanced 1.2 percent. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company, increased for a second day. The DFM General Index (DFMGI) rose 1 percent, the biggest intraday gain since July 18, to 1,524.11 at 10:39 a.m. in the emirate. The Bloomberg GCC 200 Index (BGCC200) gained 0.1 percent.
European and U.S. equities rallied July 27 on bets the European Central Bank would begin a new round of joint-bond purchases to ease borrowing costs in Spain and Italy, while Germany and France pledged to do everything to protect the euro. The ECB will hold talks in the coming days, and the Federal Reserve will announce Aug. 1 whether it intends to take additional measures to bolster the U.S. economy. All of the Gulf Cooperation Council’s members except Kuwait peg their currencies to the dollar.
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