Dubai: Dubai's benchmark index extended its bull-market rally on Sunday as trading volumes returned to levels not seen since April 2010.
More than Dh713 million worth of shares were traded on the Dubai Financial Market (DFM) General Index, the most since April 2010. The bourse gained 2.71 per cent to a fresh ten-month high of 1,676.49 amid growing confidence in the local economy following a wave of solid company earnings and dividends.
Abu Dhabi's exchange rose the most this month, adding 32.38 points, or 1.28 per cent, to 2,571.58, its highest close since September 15.
Property stocks benefited from the hopes that soaring crude oil prices could translate into increased infrastructure spending in the UAE's real estate sector.
"The [high] turnover is good to see and beneficial for UAE markets. However, it is more important this turnover is maintained; we do not want to see these levels for one month only before they disappear," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments.
"The DFM has been the worst performing market in the GCC for the past two years — losing 17 per cent in 2011 and 9.6 per cent in 2010," he added.
