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Dubai index rallies to more than three-year high

Dubai index closes up 2.15 per cent, its highest close since November 2009

Gulf News

Dubai: Dubai’s benchmark index rallied 2.15 per cent to close at 1899.51 on Sunday, its highest close since November 2009, fuelled by bellwether Emaar Properties.

The developer’s shares closed up 5.7 per cent at Dh5.01, its highest since November 2008.

The emirate’s property market is recovering as tourism is giving it a major push.

HSBC has raised Emaar’s target price to Dh6 from Dh4.8 as apartment sales pick up amid increasing demand in last week’s report.

“More than 50 per cent of the turnover is made by Emaar. Further positive action on Emaar shares is predicated by foreign markets also remaining positive,” Anastasios Dalgiannakis, institutional trading manager at Mubasher Financial Services, told Gulf News.

Dubai stocks gained 16 per cent in January.

Traders said that positive trends in the property sector are set to continue this year and boost shares of Emaar further.