Dubai's bourse breaks 3,000 pt barrier for first time in 5 years

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Dubai's bourse closed above 3,000 points for the first time in five years as investors repositioned into stocks ahead of earnings and dividend season.

The index climbed 0.9 percent to 3,013 points, its highest close since October 2008.

"The positive moves come after a couple days of consolidation, which created opportunities for people to position into select stocks going into year end," said Marwan Shurrab, fund manager and head of trading at Vision Investments.

Shares in Union Properties rose 1.9 percent, extending year-to-date gains to 165.8 percent. Emaar Properties climbed 1.6 percent and contractor Arabtec added 1.2 percent.

"People are now playing on strong fourth-quarter earnings and dividends. Turnover should above 1 billion dirhams ($272.26 million) to make investors more comfortable with the uptrend," Shurrab added.

Market turnover was AED672m for the session.

Neighbouring Abu Dhabi's measure climbed 0.2 percent to 3,939 points, its highest close since August 25's five-year peak.

Dana Gas was the main support, rising 3.2 percent, after Egypt promised to pay $1.5 billion of the $6 billion it says it owes foreign oil companies including the Sharjah firm.

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Market Performance

Dubai Financial Market
3.54
0.08 2.31 (%)
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