Dubai's market surged in the first trading session of the new year on Wednesday, boosted by a recovery in property stocks, while most other regional bourses also ended higher on the resolution to the U.S. tax talks.
Property shares in Dubai recovered from losses suffered on Monday in response to the central bank's introduction of caps on mortgage loans. Union Properties surged 8.9 percent and builder Arabtec added 7.1 percent.
"There is good sentiment in the market; Saudi was up on Tuesday, and there was good news from the U.S., which are the main reasons we are seeing the upside today," said Marwan Shurrab, vice president and chief trader at Gulfmena Investments.
MIDEAST STOCKS-Mkts climb on cliff deal; UAE property stks up - Yahoo! News Maktoob
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