Dubai’s stock index surged the most since December 2009 after President Barack Obama said the U.S. would put a strike on Syria on hold if the nation followed through on a proposal to surrender its chemical weapons.
Emerging-market stocks rose, led by India, as the rupee jumped from near a record low after the central bank eased overseas borrowing rules. Persian Gulf shares sank on concern the U.S. is close to a strike against Syria.
Dubai stocks rose to the highest since November 2008 as Deyaar Development PJSC and Union Properties PJSC surged on bets the shares are cheap amid a recovery in property prices in the Persian Gulf tourist hub.
Pegasus Hava Tasimaciligi AS slumped the most in 11 weeks as Ekspres Invest said a rally since the stock started trading in April was overdone, prompting the broker to downgrade the low-cost Turkish carrier to hold.
Air Arabia PJSC is studying the purchase of additional narrow-body aircraft as the airline seeks a larger slice of the budget travel market in the Middle East, Chief Executive Officer Adel Abdullah Ali said.