Dubai Stocks Rise to Highest Level This Month

Dubai stocks rallied to the highest level this month as oil rose amid speculation China and the U.S. will take more measures to spur growth and on signs the emirate?s economy is recovering.

Emaar Properties PJSC (EMAAR), the developer of the world?s tallest skyscraper, advanced 2.1 percent. Tamweel PJSC (TAMWEEL), the Dubai-based mortgage provider whose shares doubled this year, soared to the highest since April. The DFM General Index climbed 0.9 percent to 1,571.39, the highest close since Aug. 26. Qatar?s gauge added 1.1 percent and emerging-market shares rose, with the MSCI EM Index gaining 0.7 percent at 2:04 p.m. in London.

The Federal Open Market Committee starts a two-day meeting today and may announce measures to stimulate the U.S. economy. Chinese Premier Wen Jiabao said the government has more room for fiscal and monetary policy to support growth. Crude for October delivery rose as much as 0.9 percent to $98.06 a barrel in New York as Germany?s top constitutional court cleared the way for the ratification of the euro area?s permanent bailout fund.

via Dubai Stocks Rise to Highest Level This Month – Bloomberg.

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