Dubai Financial Market index shoots past 6000 mark in new 17-year high

Dubai: The Dubai Financial Market (DFM) has zoomed past the 6,000-point mark for the first time in 17 years, after a substantial 2.15% increase today (July 17). The index closed the week at just over 6,103. It confirms DFM's standing as the best performing one among GCC stocks this year - and that's the case even on a global peers.

That the 6,000 mark was more than likely to be breached has been evident in recent days. And more recently, the DFM general index bested the levels last seen in 2014.

"After having risen 27% last year, DFM is up by another 16% year-to-date," said Sameer Lakhani, Managing Director at Global Capital Partners.

"Crossing the 6,000 level was spurred by financials, real estate and some of the recent IPO listings, making it the best performing market in the GCC. DFM is poised for further gains as the 'rest of the world trade gathers pace among international and domestic institutional and retail investors."

The gains were led by Commercial Bank of Dubai (up 11%), Mashreq (5.28%), Emirates NBD (3.97%). The Dubai Islamic Bank cleared 1.9% on DFM's record-setting day. Of course, the real estate heavyweight Emaar - both its listed stocks - closed the day up by over 2%.

Meanwhile, the ADX also closed with another strong showing, closing 0.65% higher at 10,242.