Markets in the region closed higher yesterday, led by the Dubai Financial Market (DFM), which jumped nearly 3 per cent after profit-taking the day before turned to buying.
The DFM General Index closed up 2.66 per cent at 1,698.22. The index is up 25 per cent on the year to date.
Few companies were unaffected by the rise, which analysts said was linked more to investor exuberance than to changes iin the financial positions of the firms.
Tabreed, which operates district cooling systems for residential and commercial properties, continued its rise with stocks up 12.8 per cent.
Some analysts have linked the rise to positive investor sentiment about the improving Dubai property market.
Last month, Dubai property prices rose 3 per cent, the biggest increase in the past 30 months.
Arabtec Holding was up 9.37 per cent as investors piled in ahead of a statement by the company in the next two weeks on its fourth-quarter earnings for last year. Shareholders are hoping the release will reveal details about significant new orders on the company's book.
"We are seeing some phenomenal movement across the board. There's not a stock that's missed out. Over-excited investors are keeping the momentum up," said Haissam Arabi, the chief executive at Gulfmena Investments in Dubai.
"Volumes are way above average, and the volatility shows we are seeing fresh liquidity coming in. Yesterday we saw some profit-taking, which is normal."
The Abu Dhabi Securities Exchange General Index also benefited from the regional optimism, closing up 0.7 per cent to 2,593.22. The Saudi Tadawul All-Share Index gained 0.27 per cent to close at 7,168.99.
