Dubai Shares Rise After Global Stocks Rally; Saudi Arabia Climbs - Bloomberg

Dubai Shares Rise After Global Stocks Rally; Saudi Arabia Climbs - Bloomberg:



"Dubai shares advanced 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. Saudi Arabia’s main measure increased.



The Dubai Financial Market General Index (DFMGI) added 2.5 percent to 4,689.12 at the close, the highest since Oct. 13. Arabtec Holding Co., the biggest publicly-traded construction company in the United Arab Emirates, led gains with a 5.3 percent increase. Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, climbed 1.9 percent. Saudi Arabia’s Tadawul All Share Index advanced 1.5 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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