We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 9 Apr 2013 09:11 PM

Font Size

- Aa +

Dubai bluechips lift index to highest since Nov 2009

Emaar Properties, Dubai Islamic Bank and Drake and Scull enjoy significant lift

Dubai bluechips lift index to highest since Nov 2009

Dubai's measure went up to a 40-month high as investors continued their buying spree expecting strong first-quarter earnings.

Emaar Properties rose 2.1 percent, Dubai Islamic Bank gained 6.7 percent and Drake and Scull jumped 7.5 percent.

The market was above the year high hit in late February, breaking a norm where investors tend to cash out at this time of the year after dividend payments.

"This year, the trend is different because other than the sentiment and liquidity improvement, shareholders have decided to put most of the dividends back into the market, which has helped the move," said Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services. "People are looking at next year's dividends."

Expectations of further gains on the market is encouraging sentiment and the second quarter may see another rally, Yasin said.

The emirate's index climbs 2.4 percent to 1,962 points, its highest close since November 2009.

Abu Dhabi's benchmark adds 0.6 percent to finish at 3,088 points, its highest since October 2009.

Arabian Business: why we're going behind a paywall

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.