Dubai Stocks Extend Gains for Seventh Day on Debt Deal - Bloomberg

Dubai Stocks Extend Gains for Seventh Day on Debt Deal - Bloomberg:



"Dubai’s stock index advanced for a seventh day after U.S. economic data spurred global equities and built on momentum from the emirate’s $20 billion debt deal. Egypt’s measure dropped.



The DFM General Index (DFMGI) rose 1 percent to 4,346.93 at the close, extending the seven-day advance to more than 10 percent. Drake & Scull International advanced 4.2 percent. Emaar Properties PJSC, which last week said it will list its retail unit, jumped as much as 1.7 percent. Abu Dhabi’s gauge increased 0.2 percent.



U.S. stocks ended the week with benchmark indexes posting their biggest gains in a month, as data from jobless claims to manufacturing showed the economy is strengthening. Dubai refinanced $20 billion in debt last week at a quarter of the original cost, freeing cash to service liabilities and fund expansion plans."



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