Dubai shares lifted by oil and Greece

Local bourses rose yesterday on higher oil and increased optimism on Greek debt.

A Greek national flag flies above shipping containers at Piraeus Port, operated by Piraeus Port Authority SA, in Athens, Greece, on Friday, April 29, 2011. The government is looking at selling its entire holdings in Piraeus Port Authority SA and Thessaloniki Port Authority SA by the end of the year and will seek buyers for between 43 percent and 66 percent of other ports in which it has stakes in 2012 and 2013, the Finance Ministry said yesterday. Photographer: Kostas Tsironis/Bloomberg
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Dubai shares advanced yesterday, led by higher oil prices and optimism that aid may be forthcoming to resolve the Greek debt crisis.

Emaar Properties gained 2.6 per cent to Dh3.15 a share. Arabtec Holding, the emirate's biggest construction company, advanced 3.8 per cent to Dh1.35.

The Dubai Financial Market rose 1.5 per cent to 1,559.92 points, its biggest daily rise since April 27.

In the capital, Aldar Properties added 0.7 per cent to Dh1.42 a share. Methaq Takaful Insurance added 3.4 per cent to Dh1.78.

The Abu Dhabi Securities Exchange rose 0.6 per cent to 2,639.14 points. Higher oil prices and strong international markets are supporting our local bourses," said Julian Bruce, the head of equity sales at EFG-Hermes in Dubai.

Jean-Claude Juncker, the Luxembourg prime minister, said yesterday EU leaders would decide on additional aid for Greece by the end of this month.

Oil prices rose, with Brent crude futures gaining US$1.72 to $116.40 a barrel. Spot gold on the London Metal Exchange added 44 cents to $1,538.34 a troy ounce, trading near its highest level in four weeks.

Elsewhere in the region, Kuwait and Bahrain's indexes were unchanged at 6,378.20 and 1,346.66, respectively. Oman's index rose 0.7 per cent to 6,007.89 and Qatar's benchmark gained 0.2 per cent to 8,375.19. The Saudi Tadawul All-Share Index posted marginal gains, to 6,735.98.