The Dubai Financial Market (DFM) enjoyed a bull run yesterday, touching the highest level in more than two years, as investors bought up property and financial-related stocks.
The emirate "is continuing to gain further ground, with ongoing positive sentiment in the real estate sector being the main driver," said Julian Bruce, the EFG Hermes director of institutional equity sales.
Shuaa Capital rose 2.5 per cent to 61 fils after the investment bank said its subsidiary Gulf Finance Corporation has entered the healthcare leasing business.
The DFM General Index rose 1.4 per cent, outperforming indexes across the Middle East and North Africa. The benchmark closed at 1,819.01 points, the highest level since April 2010.
The start of corporate earning season is also boosting investor interest, said Marwan Shurrab, the vice president and chief trader at Gulfmena Investments, an asset manager in Dubai. "Optimism over strong profits in the fourth quarter and dividend announcements" is helping lift shares, he said.
The Abu Dhabi Securities Exchange General Index gained 0.6 per cent to 2,799.63.
Elsewhere in the region: Kuwait's measure was little changed, up 0.05 per cent, to 6,205.97; Bahrain's index added 0.2 per cent to 1,073.38; Oman's MSM 30 Index ended flat at 5,819.79; Qatar's QE Index slipped 0.5 per cent to 8,640.61. The Saudi Tadawul All-Share Index fell 0.02 per cent to 7,023.74.