Dubai shares rose, pushing the benchmark index toward its biggest gain in more than a week, helped by climbing oil prices and speculation among investors that this week’s decline was unjustified.
Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, climbed to the highest level in more than a month. Gulf Navigation Holding (GULFNAV), a company that specializes in shipping oil and chemicals, headed for the highest close in more than two weeks. The benchmark DFM General Index climbed 0.7 percent to 1,562.88 at 12:51 p.m. in the emirate, trimming its decline this week to 0.2 percent. The Bloomberg GCC 200 Index (BGCC200) rose 0.2 percent, bringing this week’s loss to 1.5 percent.
“The market is rebounding from the weakness we saw this week, which wasn’t justified. The market witnessed some weakness with the global markets,” said Chahir Hosni, equity sales manager at EFG-Hermes Holding SAE in Dubai. “The surge in oil prices might have helped the sentiment.”
Crude for July delivery rose as much as 96 cents to $101.70 a barrel in electronic trading on the New York Mercantile Exchange and was last up 49 cents at $101.23.
Emirates NBD gained 2.2 percent to 4.20 dirhams, the highest intraday level since April 27. Gulf Navigation climbed 2.4 percent to 38.5 fils.
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