DFM reaches five year high

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Dubai's index hit  its highest intra-day level since late 2008 as property and banking stocks as well as bourse operator Dubai Financial Market lead gains.

The Dubai measure rose 1.3 percent to 2,773 points, its highest level since November 2008, although it remains 56 percent below that year's peak. The rise appears to confirm a break of major technical resistance on the August 2013 peak of 2,762 points.

"Short-term traders may remain on the buy side keeping 2,650 as the stop-loss," NBAD Securities wrote in a research note.

The market fell back more than 15 percent from its August peak because of heavy profit-taking triggered by the Syria crisis, but heavy activity by retail investors has pushed it up again. Many institutions have been more cautious.

Emaar Properties, the market's largest listed company, rises 1.6 percent, DFM climbs 4.5 percent and Dubai Islamic Bank adds 1.6 percent.

In Abu Dhabi, the measure rises 0.3 percent to 3,849 points, up for a tenth session in 14 since Sept. 9's three-month low.

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Market Performance

Dubai Financial Market
3.51
-0.02 -0.57 (%)
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