Dubai: The Dubai index, which has been fluctuating in recent ranges, jumped as much as 2.8 per cent on Wednesday to hit its highest level in more than a week buoyed by strength in global markets. The Abu Dhabi index also ended higher led by Arkan Building Materials.
The Dubai Financial Market General Index ended 2.34 per cent higher to be at 4,545.91, after hitting a high of 4.568.18. Arabtec, the biggest publicly traded construction in the UAE, jumped 5.70 per cent, while Emaar Properties, which has the highest weightage on the index, ended 1.47 per cent higher.
“They are still taking cues from international markets. The focus will remain on global economies and euro zone’s impact on the global economy,” Marwan Shurrab, fund manager and head of trading at Vision Investments & Holdings said.
In Dubai, out of a total of 32 shares traded on the exchange, shares of 30 companies rose, while the shares of one company declined, the rest remained unchanged.
The Abu Dhabi index ended 0.60 per cent higher at 4,800.06. Shares of Arkan Building Materials ended 10 per cent higher in trade.
Out of a total of 30 companies on the ADX, shares of 16 companies rose, while 6 of them declined and the other 8 remained steady.
