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- Dubai Stocks Extends Win Streak on $20 Bln Debt Deal
Dubai's stock index advanced for a seventh day after U.S. economic data spurred international equities and built on momentum from the emirate's $20 billion debt Promotional Code. Abu Dhabi 's measure gained.
The DFM General Index (DFMGI) rose 0.6 percent to 4,331.16 at 1:16 p.m. in Dubai., extending the seven-day advance to 10 percent. Drake & Scull International advanced 3 percent. Emaar Properties PJSC, which last week said it will list its retail unit, jumped as much as 1.6 percent. Abu Dhabi's gauge increased 0.4 percent.
U.S. stocks ended the week with benchmark indexes posting their biggest gains in a month, as data from jobless claims to manufacturing showed the economy is strengthening. Dubai refinanced $20 billion in debt last week at a quarter of the original cost, freeing cash to service liabilities and fund expansion plans.
"Investor confidence in the United Arab Emirates has been on the rise lately," Nayal Khan, head of institutional sales and trading at Naeem Holding in Dubai, said in e-mailed comments. Dubai's debt deal, the news on Emaar's retail unit listing and gains in the U.S. "underscore current positive momentum in the U.A.E.", he said.
The DFM Index has more than doubled in the last 12 months. The gauge has had three win streaks of seven days or more this year as it gained almost 29 percent, making it the top global performer among more than 90 indexes tracked by Bloomberg.
Emaar shares rose 1.2 percent, the most since March 19, to 9.80 dirhams. The developer of the world's tallest tower last week said it planned to list its retail and shopping malls unit in Dubai and London and has hired Morgan Stanley to advise on the deal.
Kuwait's index slipped 0.2 percent and Bahrain's gained 0.7 percent. Oman's lost 0.2 percent and Qatar's measure fell 0.3 percent.
Israel 's TA-25 Index declined for a second day, dropping 0.2 percent. Opko Health Inc. retreated 3.3 percent, tracking declines in its U.S.-listed shares. The yield on the benchmark bond due in March 2023 fell three basis points, or 0.03 of a percentage point, to 3.18 percent.
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