Shares in the UAE capped their best week in 10 months on Thursday, continuing to feed off a bull run in the US and Europe.
The S&P 500 closed at a new high of 2,241.35 on Wednesday, as investors continue to put faith in economic growth stimulus promised by president-elect Donald Trump, with futures markets suggesting further gains on Thursday. The Euro Stoxx 50 rose to a seven-month high on Thursday afternoon.
The Dubai Financial Market General Index closed up 1.8 per cent at 3,558.68, the highest close since late August, breaking through their 200-day average level.
“It’s been a positive combination of many factors,” said Julian Bruce, said Julian Bruce, the head of institutional trading at EFG-Hermes in Dubai.
“Retail investors have maintained their momentum in small and mid-cap stocks, while rallies elsewhere have prompted western institutions to buy additional quantities of large cap stocks.”
Emaar Properties finished up 2.5 per cent at Dh7.40, approaching its highest level of the year. Fellow big names du and DIB closed up 3.5 per cent and 1.7 per cent, respectively.
The Abu Dhabi Securities Exchange General Index ended 1.9 per cent higher at 4,517.15, the index’s fourth consecutive session of gains.
Real estate stocks dominated trading in the capital, accounting for over 50 per cent of trading volumes, with Aldar Properties closing up 1.5 per cent at Dh2.70.
FGB, the index’s second heaviest weighted stock, ended up 2.8 per cent at Dh13, its highest level since late April. Etisalat and ADCB also gained.
In Saudi Arabia, the Tadawul shed nearly 0.1 per cent.
jeverington@thenational.ae
Follow The National's Business section on Twitter
