Dubai shares reached the highest price in the last seven months

Dubai shares headed for the highest close in seven months, leading gains in Persian Gulf markets; after the rise in oil prices with the signs indicating that U.S. economy is improving, and also as European leaders made progress on a second Greece bailout.

Emaar Properties PJSC (EMAAR), set for the biggest increase in a week, also Deyaar Development (DEYAAR) PJSC surged 5.6%.

Dubai’s DFM General Index (DFMGI) advanced 1.9 percent to 1,545.51, poised for the highest close since July 14, in the emirate. The Bloomberg GCC 200 (BGCC200) Index of Persian Gulf stocks also rose 0.3 percent.

Nabil Farhat – Partner at Abu Dhabi-based Al Fajer Securities- said that “The positive sentiment is coming from the U.S.,” and “The U.S. markets are moving ahead despite the confusion coming out of Greece,” helping lift local shares.

Source: Agencies