Dubai stocks advanced the most in more than two weeks after measures taken by central banks in Europe and China to shore up the global economy boosted appetite for riskier assets. The DFM General Index climbed 0.3 percent, the most since Oct. 7, to close at 3,598.78. Emaar Malls Group PJSC, the retail developer with the third-highest weighting on the gauge, led the advance with a 1.3 percent gain. Saudi Arabia's Tadawul All Share Index sank to the lowest in almost a month. Equities worldwide rose last week after China's central bank cut interest rates and European Central Bank President Mario Draghi signaled that he will bolster stimulus if needed amid signs of slowing global growth and tepid inflation. Investors are betting that central banks worldwide, including the U.S. Federal Reserve, will continue to support low-rate environments. The Standard & Poor's 500 Index and the MSCI Emerging Market Index both rose the fourth consecutive week on Friday. The rise in stocks "is largely on the back of developments in the international markets," said Muhammad Shabbir, who manages about $550 million as the head of regional equities at Rasmala Investment Bank Ltd. in Dubai. "They had some positive momentum Thursday and Friday." Stocks in Abu Dhabi, home to about 6 percent of the world's proven oil reserves, fell after banking stocks declined. An almost 45 percent drop in Brent crude prices in the past 12 months has hurt profit in Gulf nations, which rely on income from oil to fund public spending. The ADX General Index lost 0.3 percent. Union National Bank PJSC's third-quarter net missed analyst estimates by more than 10 percent. The lender's stock led the index's decline with a 3.8 percent retreat, the steepest in two months. Equities in Saudi Arabia, which holds over half the Gulf's oil reserves, fell 1.3 percent to 7,289.99, the lowest since Sept. 29. Al Rajhi Bank, the lender with the heaviest weighting on the index, was the biggest contributor to losses with a 2.9 percent drop. Qatar's QE Index, Kuwait's stock gauge and Egypt's EGX 30 Index advanced 0.5 percent each. Oman's MSM 30 Index gained 0.3 percent, while Jordan's Amman SE General Index dropped 0.9 percent.
