Dubai stocks hit 5-year high after expo win
Dubai, November 28, 2013
Dubai’s stock market index climbed1.6 per cent today (November 28) to finish at 2,946 points, its highest close since October 2008, after the emirate was chosen to host World Expo 2020.
It hit an intraday high of 3,020 points.
"Some investors were expecting more of a move today, but the announcement was not a big surprise for the majority of regional investors," said Sebastien Henin, portfolio manager at The National Investor. "People have not sold on the news yet, which is a positive indicator."
Some analysts expect the rally to be short-lived due to profit-taking, but any selling is unlikely to be extensive as a bullish outlook on most UAE firms has bargain hunters in wait.
Shares in Dubai Investment rose 3.5 percent and thinly traded Mashreq jumped 8.3 percent. Emaar Properties, Dubai's bellwether, ended flat.
Abu Dhabi's measure advanced 0.3 percent to end at 3,850 points. – Reuters