MIDEAST STOCKS-Dubai jumps as Emaar surges to 6-yr high | News by Country | Reuters:
"Dubai's bourse led gains in the Gulf on Sunday as investors launched a fresh rally and shares in developer Emaar Properties surged to a six-year high.
Emaar gained 6.3 percent to 10.45 dirhams, the level last seen in May 2008, on increased volume and helped Dubai's benchmark jump 3.3 percent, also the highest level since 2008.
Dubai's largest-listed company launched a 66-storey residential tower in Downtown Dubai on Sunday, and announced sales for the development would start simultaneously in Dubai, Abu Dhabi and Singapore on May 10.
"I think the sentiment is very good and people have realised that the profit-taking we saw last week was short-lived," said Sebastien Henin, head of asset management at The National Investor."
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