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DFM, ADX post gains on Europe plan
Dubai’s shares advanced the most in three weeks, helping gains in gulf stock markets, after oil surged on optimism that Europe’s debt crisis may be contained, boosting the appeal for riskier assets.
Dubai’s benchmark the DFM General Index increased 0.7 per cent, the most since June 11, to 1,462.52 points, the gauge slumped 12 per cent in the second quarter.
The Abu Dhabi’s ADX General Index gained 0.5 per cent to close at 2,460.09 points.
The Bloomberg GCC 200 Index rose 0.1 per cent, while Kuwait’s shares advanced as the resignation of the nation’s cabinet was accepted.
About 87 million shares were traded in Dubai on Sunday, compared with a 12-month daily average of 137 million shares.
Emaar Properties climbed 1.8 per cent to Dh2.85. Dubai Islamic advanced 1.1 per cent, the most since May 29, to Dh1.87.
Elsewhere in the Gulf region, Kuwait’s gauge rallied 1.1 per cent. Qatar’s QE Index climbed one per cent and Bahrain’s gauge declined 0.6 per cent and Saudi Arabia’s Tadawul All Share Index fell 0.1 per cent after rising 1.9 per cent.
Oman’s gauge fell 0.5 per cent. Egypt’s stock market remained closed for a holiday. —
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