Complex Made Simple

The bulls keep riding at Dubai market

Deyaar Development and Union Properties gained the most, ending over 11 per cent higher at AED0.859 and AED1.20, respectively

After gaining 13 per cent at the end of the last trading week, the DFM General Index jumped by another 9.88 per cent on Monday, December 22, closing at 3,765.35 points

Last Wednesday, following a market crash which sent the gauge to a one-year low, over 40 per cent of listed shares hit a 52-week low, which according to investor legend Martin Zweig is a signal to buy.

Deyaar Development and Union Properties gained the most, ending over 11 per cent higher at AED0.859 and AED1.20, respectively. The leading UAE developer Emaar Properties advanced 1.56 per cent to reach AED7.83. Earlier in the day, Emaar, in a filing to the Dubai market regarding media reports, said that its CEO Robert Booth has resigned, but would continue to handle his responsibilities until the end of 2014.

However, a warning shot by bearish investors was visible as market breadth turned from green to neutral with 17 shares advancing, confronted with 16 declining stocks.

In a last minute-move, Arabtec shares turned into negative terrain and lost 1.30 per cent to close at AED3.04.

Gérard Al-Fil