The Abu Dhabi and Dubai indexes hit 24-week closing highs, but some of the latters early-session gains are eroded as it again fails to break above 2,000 points.
Dubais benchmark climbs 2.1 per cent to 1,960 points, its highest finish since December 14, with Dubai Financial Market surging 9.4 per cent as investors bet the markets rising volumes will translate into bigger profits.
Emaar Properties rises 3.8 per cent and Arabtec adds 2.4 per cent. Dubai Financial Market, Emaar and Arabtec together account for more than half of trading on the benchmark.
"For long-term, value investors Dubai is cheap with many stocks trading below their book value and so if you believe in the long-term story of Dubai theres a good opportunity to buy," says Shakeel Sarwar, Sico investment bank head of asset management.
Abu Dhabis index also ends higher, rising 1.5 per cent to 2,725 points, its highest finish since December 14.
"We are part of the global equity market and good news, particularly from the U.S., has lifted Gulf stocks, with buyers risk appetite for equities rising since March," says Sanyalaksna Manibhandu, Emaar Saudi Financial Services head of research.
Emirates Telecommunications Corp (Etisalat) climbs 2.8 per cent.
DFM Index Sustains Upward March
The DFM index wavering above the break – even line achieved 44.38 points or 1.45 percent in a single session on Monday 9th December 2013, closing at 3,100.33.
On year-to-date basis, the
QE Index Shows Flat Performance
The contest between bulls and bears ended without any significant change at Qatar Exchange on Monday 9th December 2013, as QE index wavering in north and south closed the session at 10,434.1 points,
ADX Index Crosses 4,000 Points Barrier, Up 0.30%
The ADX General Index initiated its journey by wavering along the break-even line and then jumped up into the green territory and closed the day at 4,001.47 levels on Monday 9th Dec 2013, up 11.85 po
Deloitte collaborates with FAA
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