Dubai Stock Index Enters Bull Market Amid Bourse Merger Report - Bloomberg

Dubai Stock Index Enters Bull Market Amid Bourse Merger Report - Bloomberg:

"Dubai’s stock index climbed to the highest in almost five years, led by Dubai Financial Market (DFM) after Reuters reported that the emirate and Abu Dhabi hired banks for a possible merger of their bourses.
The DFM General Index (DFMGI) gained 2.7 percent to 2,829.53, the strongest close since November 2008. The measure has climbed 22 percent from a two-month low in September, entering a bull market. The shares of DFM, the only publicly traded exchange in the region, surged 15 percent, the most in four months. Dubai Investments PJSC (DIC), which holds stakes in more than 40 businesses, also soared 15 percent, the most since 2009.
Abu Dhabi and Dubai aim to reach an agreement on the merger of the exchanges by the end of the year, Reuters reported, citing people it didn’t identify. The DFM isn’t party to any merger talks, the company said in a statement posted on the bourse website. In April 2012, Abdullah Al Turaifi, chief executive officer of the Securities & Commodities Authority, said the owners of the bourses may “hopefully” decide by the end of that year on whether to consolidate their operations."

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