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

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:

Market Performance

Dubai Financial Market
1.89
0.24 14.55 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Big Gulf sell-off fuelled by credit, lax regulation

Big Gulf sell-off fuelled by credit, lax regulation

New impetus to governments in the region to improve financial...

Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

Saudi bank's $6bn IPO ignites religious controversy

Saudi bank's $6bn IPO ignites religious controversy

Plans by National Commercial Bank have prompted some clerics...

Most Popular
Most Discussed