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Tue 23 Apr 2013 12:33 PM

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Dubai's stock market breaks 2,000 point barrier

Index gains 1.8% on Tuesday, fuelling hopes of a sustained upward trend on bourse

Dubai's stock market breaks 2,000 point barrier
UAE stock exchange, Dubai bourse

Dubai ended the session above 2,000 points for the first time since November 2009 as positive sentiment, fuelled by earnings optimism, drove the market higher.

The index advanced 1.8 percent to 2,021 points. Budget carrier Air Arabia jumped 4.1 percent and Dubai Investments rose 3.6 percent.

In Abu Dhabi, the measure gained 1.1 to 3,188 points, its highest finish since October 2009, with financial stocks once more leading the way.

Abu Dhabi Commercial Bank advanced 4.9 percent to its highest close since August 2008 and Union National Bank rose 4.2 percent.

First Gulf Bank advanced 2.3 percent to 15.40 dirhams, above a technical resistance level, according to Global Investment House.

"If it trades above 15.17 dirhams, we expect it to continue rising and hit our price target of 15.63 dirhams and 16.20 dirhams in the coming trading sessions," it said in a note.

Qatar's benchmark posted its biggest one-day gain since January 3 as it climbed 1.1 percent to 8,535 points.

Industries Qatar, which posted estimate-beating first-quarter net profit on Monday, jumped 4 percent - its largest one-day advance for more than two years.

Egypt gained 0.8 percent to 5,255 points. Heavyweight Orascom Construction advanced 1.5 percent and Citadel Capital climbed 0.6 percent.

Saudi Arabia slipped 0.1 percent to 7,118 points.

Kuwait ended 0.5 percent higher at 7,174 points and Oman climbed 0.2 percent to 6,143 points.

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