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Stocks up on positive US jobs outlook

The Dubai Financial Market rose today after the US added more jobs than expected and investors awaited the policy decisions of three central banks. 

The Dubai Financial Market (DFM) rose today after the US added more jobs than expected and investors awaited the policy decisions of three central banks.

The DFM General Index rose 0.9 per cent to 1,638.09, while the Abu Dhabi Securities Exchange General Index advanced 0.1 per cent to 2,656.60.

Emaar Properties, which built the world's largest tower in Dubai, led the advance in Dubai after agreeing a deal with Iraq to develop properties there. Iraq needs to meet demand for 670,000 new homes. The stock rose 1.3 per cent to Dh3.71.

Dubai Financial Market, which operates the stock exchange, also advanced, gaining 2.9 per cent to Dh1. Dubai Islamic Bank gained 1.5 per cent to Dh 2.

Asian markets were mixed as better than expected US employment figures boosted Japanese equities, with the Nikkei 225 rising 0.8 per cent to 8,824.59 and the Hang Seng Index flat at 20,872.65.

ADP Employer Services said US companies added 162,000 jobs last month, higher than economists had predicted.

Policymakers at the Bank of England, the European Central Bank and the Bank of Japan will today all meet today to decide on interest rates.

Oil prices rose, with Brent crude futures rising 64 cents to $109.06 per barrel.

Elsewhere in the region, most other rose, with the exception of Qatar's QE index slipped 0.1 per cent to 8493.85; The Saudi Tadawul All-Share Index was closed for the weekend.

lgutcher@thenational.ae

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