DUBAI (Bloomberg) -- Persian Gulf shares gained, tracking the global markets, on speculation government bailouts will shore up the global economy, bringing overseas investors into the region.
Arabtec Holding Co., the construction company building the world’s tallest tower in Dubai, rose to the highest in three weeks after it offered one bonus share for each existing share. Emirates Telecommunications Corp., the United Arab Emirates’ biggest telephone company, gained for a second day, while Oman Telecommunications Co., the biggest phone operator in the Persian Gulf country, climbed to the highest in a week. The Dubai Financial Market General Index gained 5 percent to 2025.01 at 12:23 p.m. local time, for a 12 percent advance over the past four sessions. The Abu Dhabi Securities Exchange General Index advanced 2.7 percent to 2,793.62, while the Kuwait Stock Exchange Index rose 1 percent. “We’re seeing some shifts in sentiments globally,” said Chamel Fahmy, senior regional sales trader at Beltone Securities Brokerage in Dubai. “Our markets are following that trend. I think there is still 200 points upside in Dubai market.”
Arabtec Holding Co., the construction company building the world’s tallest tower in Dubai, rose to the highest in three weeks after it offered one bonus share for each existing share. Emirates Telecommunications Corp., the United Arab Emirates’ biggest telephone company, gained for a second day, while Oman Telecommunications Co., the biggest phone operator in the Persian Gulf country, climbed to the highest in a week. The Dubai Financial Market General Index gained 5 percent to 2025.01 at 12:23 p.m. local time, for a 12 percent advance over the past four sessions. The Abu Dhabi Securities Exchange General Index advanced 2.7 percent to 2,793.62, while the Kuwait Stock Exchange Index rose 1 percent. “We’re seeing some shifts in sentiments globally,” said Chamel Fahmy, senior regional sales trader at Beltone Securities Brokerage in Dubai. “Our markets are following that trend. I think there is still 200 points upside in Dubai market.”
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