Dubai Headed for Longest Winning Streak Since 2005 on Oil Price

Dubai Headed for Longest Winning Streak Since 2005 on Oil Price

June 7 (Bloomberg) -- United Arab Emirates stocks gained with Dubai’s index heading for its longest winning streak since April 2005 as oil traded near $70 a barrel.

Emaar Properties PJSC, the U.A.E.’s largest property developer, advanced for the ninth day, its longest rally since 2004. Emirates Telecommunications Corp., or Etisalat, rose as much as 1.9 percent. Abu Dhabi Commercial Bank, the country’s third-biggest bank by assets, advanced to a December high.

“Oil went above 70 dollars, hallelujah, that is about 100 percent above the lows,” said Mohammed Galal, head of institutional sales and trading for Futtaim HC Securities. “There is a lot of money on the sidelines waiting to be invested and with figures in the U.S. signaling that the worst is over.”

Crude oil closed at $68.44 a barrel on June 5 after climbing to $70.32 earlier that day. Oil reached its 2009 low of $32.70 a barrel on Jan. 20. Last week, the U.S. Labor Department said the world’s largest economy lost fewer jobs than forecast in May, reinforcing signs that the deepest recession in half a century is starting to abate.

The Dubai Financial Market General Index rose 1.8 percent to 2,062.61 at 12:07 p.m., gaining for a ninth day. It is the measure’s longest winning streak since April 2005. The Abu Dhabi General Index climbed 1 percent.

Emaar added 0.8 percent to 3.96 dirhams. Etisalat rose 1 percent to 10.55 dirhams and ADCB added 1.4 percent to 2.15 dirhams.

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