Dubai Shares Rise After Global Stocks Rally; Abu Dhabi Advances - Bloomberg

Dubai Shares Rise After Global Stocks Rally; Abu Dhabi Advances - Bloomberg:



"Dubai shares climbed to the highest in almost two weeks after better-than-expected government data in the U.S. and the euro area spurred a global equity rally. Abu Dhabi’s index increased.



The Dubai Financial Market General Index (DFMGI) added 1.6 percent to 4,645.00, the highest since Oct. 14 at 11:54 a.m. local time. Arabtec Holding Co., the biggest publicly-traded construction company in the United Arab Emirates, led gains with a 3.1 percent increase, followed by Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai. Abu Dhabi’s ADX General Index climbed 0.4 percent.



Global stocks rallied after companies from Caterpillar Inc. to Yahoo! posted better-than-estimated earnings and government data signaled a strengthening economy. Fewer Americans filed applications for unemployment benefits over the past month than at any time in 14 years. Data in the euro area showed manufacturing unexpectedly revived in October, and a gauge of Chinese factory activity rose, exceeding analysts’ estimates."



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