Dubai’s equities markets yesterday traded near a three-year highs yesterday on signs of continued recovery in the emirate’s real estate sector, which had gone into a prolonged slump following the global financial crisis of 2008.
Real estate major Emaar drove the market’s rally to levels previously seen in April 2010.
The DFM index closed 0.95 per cent higher yesterday at 1,791.73, with the 1,800 level clearly in sight. Market experts expect the current bull run to be sustained by foreign and retail investors who see potential in an oversold market and amid some attractive share valuations.
“The market is anticipating big news on the real estate front as well as from banks, in addition to Amlak’s debt issue which is back on the table to be resolved in 2013, as announced. There is some recovery in the real estate sector in terms of the pricing and Aldar and Sorouh’s merger may happen anytime now, which has reflected positively on the trading volumes,” Musa Haddad, Head of Investment Advisory at National Bank of Abu Dhabi Asset Management told Gulf News by telephone.
Dubai market closes near three-year highs | GulfNews.com
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