09 October 2011, 7: 27 AM EDT by Zahra Hankir
October 9 (Bloomberg)--Dubai shares rose to the highest in almost a week after oil rallied amid optimism European leaders of the region will tame and debt crisis if U.S. economic data improved.
Emaar Properties PJSC, the developer of the world's tallest Tower in Dubai, climbed for a second day. Dubai financial market PJSC, the only Gulf Arab stock market to sell shares to the public, rose for the first time since september 21. The DFM General Index gained 0.2% to 1, 398.28, the highest close since October 3, every 2 hours in Dubai. Oman International Bank SAOG, or OIB, rose the most in more than two years as it said that the negotiations in early stage business to merge with HSBC Holdings Plc of Oman operations. "United Arab Emirates stock markets are positive trade in accordance with the global markets last week, "said Sherif El Zeneiny, head of equity trading at the National Bank of Abu Dhabi PJSC. The oil profits is also help boost Golf markets, he said.Global stocks rose last week, with the STOXX Europe 600 Index Rally 2.6%, after the European Central Bank President Jean-Claude Trichet announced a bond purchase program to address the debt crisis and European Commissioner Olli Rehn said there is a "more and more shared view" that the region needs a coordinated approach. The standard poor's 500 & jump 2.1% in the week as a report showed American manufacturing unexpectedly accelerated in September. Third-quarter EarningsSaudi Arabia's Tadawul all shares index increased for a third day, the promotion of 0.3% at 1: 21 pm in Riyadh. In North Africa, a the Index rally 1.8% EGX30-rise, for the first time in a week. Israel's TA-25 Index slipped 0.7%.Crude oil for November delivery increased 4.8 percent to $ 82.98 per barrel last week. Gulf Arab oil exporters, including the u.a.e. and Saudi Arabia, oil supply about one-fifth of the world population. "All eyes will be on third-quarter figures, which direction should provide in the short term, but the European debt crisis is not over, sentiment still negative influence "National Bank of Abu Dhabi El Zeneiny said.Saudi Arabia fertilizers co., a unit of Saudi Basic Industries Corp., said today third-quarter profit doubled on higher product prices, beating analysts ' estimates. Qatar National Bank SAQ, the Persian Gulf country's largest bank assets, reported a 31 percent increase in third-quarter profit last week on higher revenue from loans.Oman International SoarsEmaar, which can report quarterly results on October 26, rose by 0.8% to 2.59 dirhams. 1 percent, the most since september 8, plus Dubai financial market to 1.04 dirhams.Oman International rose 7.1%, the most since February 2009, 0.285 to rial. The bank said that it is not discuss buying HSBC's business in Oman. The Oman gauge climbed 0.5 percent.The Bloomberg GCC 200 Index rose by 0.6 percent. Kuwait's measure gained 0.5%, Abu Dhabi ADX General Index added 0.2 percent and of Qatar QE Index advanced 0.3 percent. BB Bahrain all share index fell 0.1 percent.Israeli Government bonds fell, the yield on the benchmark 5.5% Notes due January 2022 Shiklit Mimshal a basis point, or 0.01 percentage point, to 4 .5million per cent rise.--Editors: Claudia Maedler, David Risser
Contact the reporter on this story: Zahra Hankir in Dubai on zhankir@bloomberg.net
Contact the editor responsible for this story: Claudia Maedler on cmaedler@bloomberg.net
0 comments
Post a Comment