Dubai stocks rise to 3-month high

07/09/2010 - Dubai Investment News
Dubai stocks rise to 3-month high

Posted by Neil King

The Dubai Financial Market (DFM) benchmark index rose to a three-month high yesterday (Monday 6th September) supported by increased trading activity and high volumes, it has been reported.

According to the Khaleej Times, the DFM General Index climbed 30.79 points, or two per cent, to 1,568.88 points - its highest finish since May 31st.

It was also revealed that volumes hit a two-month high as traders exchanged 204.06 million shares worth Dh393.38 million against 103.22 million shares on Sunday.

The newspaper noted that sentiments remained positive throughout yesterday, particularly as out of 25 shares traded on the DFM, 20 posted gains and only five declined.

Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments, commented: "There is a concentration on the bluechips and high beta names like DFM, Emaar and Arabtec. Investors are interested in these stocks after they were severely over-sold going into Ramadan."

Meanwhile, it was confirmed last week that Dubai Ports World is now the third largest port operator in the world.