Global upswing lifts UAE markets
Upswing in global markets rubbed on to the UAE as well. The Dubai Financial Market index advanced 2.64 per cent to 1,624.95, while Abu Dhabi Securities Exchange (ADX) moved up 1.79 per cent to 2,541.74. Leading from the front was Dubai that saw high trading of the DFM stock and the real estate market.
"The Dow has posted its best four week gain for 70 years and markets have been able to shrug off ugly members meeting, equally ugly estimates," Mathew Wakeman, Managing Director, cash and equity linked trading, EFG-Hermes said.
Deyaar, the property developer, dropped 1.75 per cent to Dh0.56, while Arabtec and Emaar gained 9.83 per cent to Dh1.90 and 6.78 per cent to Dh2.52 respectively. Real estate also saw a lot of movement on ADX and gained the highest from the sectors at 8.14 per cent to 420.25.
