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Euphoria rules at Dubai market as gauge rises to 2,021
- United Arab Emirates: Tuesday, April 23 - 2013 at 13:55
The Dubai Financial Market General Index closed 1.75% higher at 2,021.15 points Tuesday amid rising investor confidence that the recent weakness was a simple market correction. The gauge hit the highest level since Nov. 2009, shortly before Dubai was bailed out by Abu Dhabi with a $10bn loan guarantee on the height of the global financial crisis. Emaar gained 1.33% to reach Dhs5.35 after Deutsche Bank research in Dubai recommended the first developer in the UAE as its "top pick" among real estate shares. Shuaa Capital rose 2.54% to close at Dhs0.605, representing a 2-month high. Emirates NBD surged 2.50% at Dhs4.51. Earlier in the day, ENBD said its board member Abdallah Sultan Al-Owais has resigned. Despite the bullish momentum in Dubai, market breadth was only slightly positive as 16 stocks advanced, while 9 declined. Islamic insurance firm Takaful Emarat lost the most, ending down 6.47% to Dhs0.636.
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Gérard Al-Fil, Financial JournalistTuesday, April 23 - 2013 at 13:55 UAE local time (GMT+4)
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