United Arab Emirates shares gained for a sixth day. The ADX General Index of stocks in Abu Dhabi, holder of the world’s sixth largest crude reserves, climbed 1.4 percent to the highest closing level in 10 months. Indexes in Kazakhstan, Latvia, Dubai and Bulgaria rose more than 1 percent.

Bank of China Ltd., which led the nation’s $1.1 trillion lending spree in the first half, said ample liquidity has caused “bubbles” in global markets. “You see asset bubbles in commodities, stocks and real estate, not only in China, but everywhere,” Vice President Zhu Min said in an interview in Dalian today.

“Many investors are now concerned that global emerging market valuations are stretched, leaving the markets vulnerable,” Jeffrey Palma, a Stamford, Connecticut-based global equity strategist at UBS AG, wrote in a research note. “We find that current valuations still imply relatively modest long-term growth rates.”