Dubai Stocks Hit 18-month High

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Dubai Stocks Hit 18-month High

Dubai Stocks Hit 18-month High

(Dubai) – Dubai shares gained the most in 18 months, rebounding from the worst weekly slump since 2011, after US President Barack Obama put off a military strike against Syria. The Dubai Financial Market General Index advanced three percent, the biggest jump since March 2012 to 2599.35 at the close in Dubai. The measure slid 6.6 percent last week amid concern a military strike was imminent and will hurt tourism and investments in the emirate.
Emaar Properties, the developer of the world’s tallest tower in Dubai, gained the most in almost four weeks and Deyaar Development, a builder of home and office towers, surged 13 percent. Emaar rose 1.7 per cent to Dh5.85 and Deyaar surged to 54 fils. Dubai Islamic Bank climbed 3.3 percent, the most since August 6, to Dh3.45.

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