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Dubai stocks gain the most in a decade

A technical buying reaction following the recent stock market crash lifted the DFM General lndex by a whopping 13 per cent to reach at 3,426.70 points on Thursday, December 18.

Between November 23 and December 17, the gauge lost 34.50 per cent in value due to panic selling in the wake of tumbling oil prices.

A rebound in oil prices today motivated bargain hunters to take their picks. DME Oman crude futures (February 2015) gained $1.52 to reach $58.53. The announcement by the United States Federal Reserve from Wednesday to leave interest rates near zero at least until mid-2015 supported the positive sentiment as well.

Four shares rose by 15 per cent (limit up): Ajmanbank, Arabtec, district cooling specialist Tabreed and Union Properties.

Market bellwether Emaar Properties was the most liquid share and surged 14.92 per cent to hit AED6.78.

No shares lost value. Trading volumes surged significantly as 1.1 billion stocks were traded, valued at AED1.86bn.

Gérard Al-Fil