The Dubai Financial Market's main index rose about 4 percent on Wednesday to 6,041. Emirates NBD gained 6.1 percent, Emaar Properties 4.4 percent and Emaar Development 4.9 percent, while the Abu Dhabi index ended flat.
Most Gulf stock markets closed higher on Wednesday, and Dubai led the way. According to Reuters, the Dubai Financial Market (DFM) main index rose about 4 percent to 6,041 as investors weighed the possible fallout of the US midterm elections and Washington's next move in the Iran conflict.
Banks and property stocks drove the gains. Emirates NBD, Dubai's top lender, rose 6.1 percent and blue chip developer Emaar Properties gained 4.4 percent. Emaar Development shares climbed 4.9 percent after Emirates Property Holdings, wholly owned by Emaar, offered AED 15 a share in cash for all the Emaar Development shares it does not already own.
Abu Dhabi told a different story: its index gave up early gains and closed flat at 9,461.
For Dubai property investors, the rally is a sign of confidence in the city's biggest developers and banks. Share prices can react quickly to regional and global news, however, so a single strong session should not be read as a long term trend.
المصدر: Business Recorder (Reuters)
