Dubai stock market hits new 54-month high

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(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

UAE bourses mounted a late-session rally and Dubai's measure rose to a 54-month high after speculation index compiler MSCI might upgrade UAE to emerging market status.

Dubai's index climbed 1.2 percent to finish at 2,367 points, its highest close since November 2008.

Dubai Financial Market, the Gulf's only listed bourse, surged 8.7 percent. It extends 2013 gains to 59.8 percent, catching up to other stocks' bullish run this year.

MSCI, which has $7trn in global assets benchmarked against its indices, put UAE and Qatar on review for upgrade to its emerging market index but has snubbed both the countries five times. It will announce its decision on June 12.

"Retail investors are buying ahead of an MSCI rebalancing next month," said Ali Adou, portfolio manager at The National Investor. "The market is on the verge of a correction. Valuations are in line with fair value and more value will only come next year when infrastructure projects pick up in Abu Dhabi."

Abu Dhabi's benchmark climbed 1 percent to 3,563 points, heading back towards last week's 54-month high.

In Qatar, the index advanced 0.9 percent to finish at 9,238 points, extending 2013 gains to 10.5 percent, as it catches up to a bull run in other regional markets. Dubai's measure is the best performing with year-to-date gains of 45.9 percent.

Qatar National Bank rose 1.9 percent to hit a new all-time high. Gulf International Services added 4.2 percent, its highest since June 2008.

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Dubai Financial Market
3.79
-0.01 -0.26 (%)
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