Greece boosts Dubai market
Greece is suffering its deepest recession in 40 years and a default would probably lead banks to freeze lending to other indebted European countries, causing a eurozone debt crisis
Dubai's market staged its biggest daily gain in more than two months as investors were buoyed by Greece's latest aid package.
The Dubai Financial Market General Index climbed 2.4 per cent to 1,553.31 points, its highest point in a week, in the first day of trading after the Greek parliament approved a set of austerity measures that staves off fears of a euro-zone debt crisis.
Global stocks climbed higher on Friday as some clarity emerged on Greece's debt crisis.
The country is suffering its deepest recession in 40 years and a default would probably lead banks to freeze lending to other indebted European countries, causing a eurozone debt crisis.
Shares in Dubai's largest stocks climbed to new highs.
The UAE's second-biggest telecommunications operator, du, rose to its highest point in a week after the company said it repaid a Dh3 billion loan to banks.
Shares in the company rose 2.9 per cent to Dh3.20, after it announced it had repaid the loan to 16 banks using a combination of existing financing facilities and cash, it said in a statement on the Dubai bourse website.
The company, which broke telecoms giant Etisalat's monopoly of the UAE market in 2006, has gained 13.5 per cent since the lows in March at the height of the so-called Arab Spring.
In the capital, the Abu Dhabi Securities Exchange General Index rose as much as 0.8 per cent, its highest level in a week, before closing 0.2 per cent higher at 2,708.49 points.
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