Dubai's shares advanced yesterday, lifted by improved global investor sentiment, after Eurozone leaders agreed to boost the region's rescue fund.
Euro-zone deal lifts markets
Dubai shares rallied yesterday, tracking global markets, after leaders in Europe agreed to boost the euro-zone rescue fund.
Drake & Scull International, Dubai's second-biggest contractor, jumped 4.2 per cent to 79 fils a share.
Emaar Properties advanced 4.8 per cent, its biggest increase since March 9, to Dh2.60.
This was despite the region's biggest developer reporting that third-quarter profit declined to Dh406 million, 34 per cent less than for the same period a year earlier.
The Dubai Financial Market General Index rose 1.7 per cent to 1,377.95. Oil prices rose. Brent crude for December settlement climbed as much as US$2.05, or 1.9 per cent, to $110.96 a barrel in midday local trading.
Nicolas Sarkozy, the French president, said the euro-zone's bailout fund would be leveraged by four to five times, and investors have agreed to a voluntary write-down of 50 per cent of Greek debt.
"The mood is getting much better. We can see the market more active today compared with recent weeks," said Sebastien Henin, a portfolio manager at The National Investor in Abu Dhabi.
The Abu Dhabi Securities Exchange General Index rose 0.6 per cent to 2,471.67.
Elsewhere in the region: Kuwait's index was unchanged at 5,902.10; Bahrain's slipped 0.1 per cent to 1,150.16; Oman's MSM 30 Index rose 0.3 per cent to 5,563.43; and Qatar's QE Index advanced 0.8 per cent to 8,536.21.
Saudi Arabia's Tadawul All-Share Index was closed for the day.