Dubai: Financial and investment shares lifted the Dubai index further on Tuesday to end the year on a strong note.

The DFM index closed 1.14 per cent higher at 3369.81 points. The index ended 2012 at 1622.53 points.

The index was the second-best performer globally after Caracas Stock Exchange’s IBVC index.

According to Bloomberg website, the index gained 117.24 per cent for the year while the IBVC index gained close to 503 per cent.

About 1.24 billion shares worth Dh1.66 billion were traded.

“The index has a possibility of crossing 4,000 points next year as continuation of correction from the crisis of 2008,” said Mohammad Ali Yasin, managing director at NBAD Securities.

The market is capable of growing by around 15-20 per cent next year while the short- to medium-term outlook is still bullish.

Emaar Properties, Aldar, RAK Properties, First Gulf Bank, NBAD, ADCB, Emirates NBD, Dubai Islamic Bank, Air Arabia, Waha Capital are the stocks to watch in the medium term.

Yasin said that telcos are expected to provide good dividend but likely to trade sideways in 2014.

Among the gainers, Commercial Bank of Dubai rose 8.97 per cent to Dh4.74, followed by DFM by 6.01 per cent to Dh2.47 and Salama by 4.45 per cent to Dh0.939.

Bank of London and the Middle East (BLME) suffered the worst on Tuesday, plunging by 50 per cent to $1.31, followed by National General Insurance by 6.67 per cent to Dh5.60 and Ajman Bank by 2.36 per cent to Dh2.48.

BLME started trading on the Nasdaq Dubai on October 8, 2013.

About 1.24 billion shares worth Dh1.66 billion were traded. Of the 31 companies traded, 18 rose, nine fell and four remained steady.

Gulf Finance House was the most active in terms of both volume and value leader on Dubai bourse.

In the capital, the ADX General Index closed slightly higher by 0.30 per cent at 4290.30 points, led by consumer staples.

Among the gainers, Union Cement rose 14.55 per cent to Dh1.89, followed by Union Insurance by 10.53 per cent to Dh1.05 and Bildco by 9.88 per cent to Dh1.78.

GCIC suffered the worst by 9.72 per cent to Dh1.30, followed by Commercial Bank International by 9.57 per cent to Dh1.89 and Al Khazna Insurance by 7.37 per cent to Dh0.88.

Of the 44 companies traded, 19 rose and 20 fell and five remained unchanged.

About 393.84 million shares worth Dh763.28 million were traded.

Eshraq was the most active stock on the market.