#Dubai index hits 2019 high

Dubai index hits 2019 high:

The Dubai index hit its highest level in 2019 as renewed buying in Emaar Properties triggered a more than 2 per cent rise in Dubai index.

The Dubai Financial Market general index rose to a high of 2,704.95, before closing 2.35 per cent higher at 2,696.85. This brings the total gains to 6.6 per cent in the year so far.

Emaar Properties closed 3.97 per cent higher at Dh4.97. Emirates NBD closed 4.5 per cent higher at Dh10.50 after reports of strong demand for the IPO of Network International. Dubai Islamic Bank (DIB) closed 0.62 per cent higher at Dh4.88. “The trend in DIB is sideways down with resistance at Dh4.95 and support at Dh4.78/4.70 level,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities. In other stocks, DP World closed 1.23 per cent lower at $16. The Abu Dhabi Securities Exchange general index closed 0.38 per cent lower at 5,055.29. First Abu Dhabi Bank closed 0.53 per cent lower at Dh15.12. Union National Bank ended 0.95 per cent higher at Dh5.31.