Dubai stocks surge to 5-year high
Dubai, October 20, 2013
Dubai's share index jumped to a new five-year high on renewed buying by retail investors as week-long Eid holidays ended.
Optimism over third-quarter earnings, to be announced in the next few weeks, and a positive global backdrop helped the market.
The index climbed 2.1 percent to 2,890 points, its highest intra-day level since November 2008.
Shares in blue chip Emaar Properties advanced 2.7 percent and Dubai Financial Market, the Gulf's only listed bourse, climbed 4.0 percent.
The winning bid to host World Expo 2020 is expected to be chosen on Nov 27 and many investors think Dubai will win the bid, which could aid property prices and spur faster infrastructure development.
Abu Dhabi's benchmark also rose, up 1.1 percent to 3,884 points, extending its 2013 gains to 47.5 percent.-Reuters