Markets Update: Local markets rise at the open this morning on strong US retail sales data released on Friday.
Dubai shares on the rise as concern over US eases
Dubai's index rose to its highest in almost a week, led by Emaar Properties, as strong US economic data eased concern that the world's biggest economy is faltering.
Emaar, developer of the world's tallest skyscraper, jumped 2.1 per cent to Dh2.82 a share. Dubai Investments rose 2.4 per cent to 79 fils a share. Dubai Financial Market Company, the only bourse in the Gulf to sell shares to the public, added 1.8 per cent to Dh1.13 a share.
Dubai's benchmark, the Dubai Financial Market General Index, rose 0.8 per cent to 1476.66 points, its highest since Aug 8.
A US report on friday showed retail sales climbed in July by the most in four months, up 0.5 per cent. The S&P 500 Index rallied 5.2 per cent in the final two days of the week, its biggest back to back gain since March 2009.
In the capital, Dana Gas jumped 3.7 per cent to 56 fils a share. Aldar Properties, builder of the Yas Island and Ferrari World, rose 2.5 per cent to Dh1.21a share. Sorouh Real Estate, Abu Dhabi's second biggest developer, was up 1.6 per cent to Dh1.20 a share. The Abu Dhabi Securities Exchange General Index was 0.3 per cent higher to 2598.29 points.
Elsewhere in the region, Kuwait's index was down 0.8 per cent to 5850.60 points. Bahrain's measure lost 0.4 per cent to 1266.37 points. Oman's benchmark gained 0.6 per cent to 5460.82 points. Qatar's index was up 0.6 per cent to 8160.06 points. The Saudi Tadawul All-Share Index was up 1.9 per cent to 6155.88 points.