Dubai bourse tops 3,000 for first time in 5 years
Dubai, December 5, 2013
Dubai's bourse closed above 3,000 points for the first time in five years as investors repositioned into stocks ahead of earnings and dividend season with the index climbing 0.9 percent to its highest close since October 2008.
"The positive moves come after a couple days of consolidation, which created opportunities for people to position into select stocks going into year end," said Marwan Shurrab, fund manager and head of trading at Vision Investments.
Shares in Union Properties rise 1.9 percent, extended year-to-date gains to 165.8 percent. Emaar Properties climbed 1.6 percent and contractor Arabtec added 1.2 percent as the index reached 3,013 points.
"People are now playing on strong fourth-quarter earnings and dividends. Turnover should above 1 billion dirhams ($272.26 million) to make investors more comfortable with the uptrend," Shurrab added.
Market turnover was 672 million dirhams for the session.
Neighbouring Abu Dhabi's measure climbed 0.2 percent to 3,939 points, its highest close since Aug. 25's five-year peak.
Dana Gas was the main support, rising 3.2 percent, after Egypt promised to pay $1.5 billion of the $6 billion it says it owes foreign oil companies including the Sharjah firm. – Reuters