DFM continues its upward trend
Momentum is solid as investors see an upside in the UAE markets, say an analyst
Dubai: Dubai’s benchmark index continued from where it left yesterday, as stocks maintained their upward trend to set new highs since October 2009. By 11.45 am, the DFM measure had risen 1.49 per cent to 2288.71. Abu Dhabi’s index also jumped 1.09 per cent to 3519.34.
“The momentum is definitely solid and is continuing to build up as investors see an upside in the UAE due to the reason that the markets here was lagging international and regional markets,” said Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital.
The DFM General Index has surged 24.4 per cent this quarter, which according to Bloomberg has been the best performing market among 94 gauges tracked globally. For the year it is up 47.65 per cent,
Tthe highest since October 2009 and the value of shares traded soared as a property recovery and debt restructurings lured investors. Abu Dhabi’s measure also rose.
