Sunday 9 February 2014

Dubai Index Breaks 4,000 Barrier on Global Jump; Abu Dhabi Gains - Bloomberg

Dubai Index Breaks 4,000 Barrier on Global Jump; Abu Dhabi Gains - Bloomberg:



"Dubai’s benchmark index, the world’s best-performing measure this year, breached the 4,000 level for the first time in five years, tracking a rebound in global equity markets. Abu Dhabi’s gauge advanced.



The DFM General Index gained 2.4 percent to 4,027.42, the highest since October 2008, at 12:13 p.m. in Dubai. Emaar Properties PJSC, the builder with the biggest weighting on the benchmark, extended a three-day winning streak. Arabtec Holding advanced to the highest since August 2008. ADX General Index (ADSMI) climbed 2 percent.



“The Dubai index reaching the 4,000 level is important,” Montasser Khelifi, a senior manager at Quantum Investment Bank Ltd. in Dubai, said by phone. “It’s a psychological barrier and since we have broken through, we will continue to see the uptrend in the market.”

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