Dubai stocks rallied for a second day as oil rose amid speculation China and the U.S. will take more measures to spur growth and on signs the emirate’s economy is recovering.
Emaar Properties PJSC (EMAAR), the developer of the world’s tallest skyscraper, advanced 1.8 percent. Tamweel PJSC (TAMWEEL), the Dubai-based mortgage provider whose shares doubled this year, was set for the highest close since April. The DFM General Index climbed 0.9 percent, the most since Sept. 9, to 1,571.32 at 11:52 a.m. in the emirate. Qatar’s gauge added 0.8 percent and emerging markets rose, with the MSCI EM Index gaining 0.6 percent.
The Federal Open Market Committee starts a two-day meeting today and may announce measures to stimulate the U.S. economy. Chinese Premier Wen Jiabao said the government has more room for fiscal and monetary policy to support growth. Crude for October delivery rose as much as 0.3 percent to $97.43 a barrel in New York. Gulf Arab oil exporters, including the United Arab Emirates and Qatar, supply about a fifth of the world’s oil.
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