Dubai's index breaks a strong resistance level
and ends at a 15-month high as retail investor-driven buying
continues amid a bullish market trend.
The index rises 2.7 percent to 1,698 points, its highest
close since December 2010. Its year-to-date gains stand at 25.5
percent, having initially slumped to a seven and half-year low
in January.
"I've been surprised by the strength of the rally in Dubai
and that it just keeps going with little hesitation," says Bruce
Powers, head of research and analysis at Trust Securities.
"Dubai's general index today breached the previous swing
high of 1,691 points, which is bullish for the medium-term.
Short-term though it's hard to ignore how overbought the market
is. This momentum cannot go on forever."
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