Dubai’s share index jumps to a new five-year high on renewed buying by retail investors as week-long Eid holidays end. Optimism over third-quarter earnings, to be announced in the next few weeks, and a positive global backdrop help the market.
The index climbs 2.1 percent to 2,890 points, its highest intra-day level since November 2008.
Shares in blue chip Emaar Properties advance 2.7 percent and Dubai Financial Market, the Gulf’s only listed bourse, climbs 4.0 percent.
The winning bid to host World Expo 2020 will be chosen late this month – the result is expected on Nov. 27 – and many investors think Dubai will win the bid, which could aid property prices and spur faster infrastructure development.
Abu Dhabi’s benchmark also rises, up 1.1 percent to 3,884 points, extending its 2013 gains to 47.5 percent.
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