Dubai Stocks Hit 3 year High
(Dubai) – Dubai shares have surged to a three-year high with Emaar Properties driving the upswing. Emaar surged to Dh5.26, the highest since November 2008. Arabtec Holding, the largest UAE builder by market value, rose to the highest level in almost three weeks. The 31 companies on Dubai’s measure trade at 11 times estimated 2013 earnings, compared with 11.3 times for the Saudi gauge.
The DFM General Index’s 14-day relative strength index jumped to 75 from 72 last week. Abu Dhabi’s ADX General Index gained 0.2 per cent. Elsewhere in the Middle East, Saudi Arabia’s Tadawul All Share Index and Bahrain’s measure were little changed. Oman’s MSM30 Index declined 0.3 per cent. In North Africa, Egypt’s benchmark EGX 30 Index lost 0.8 per cent. Market in Kuwait was closed for holidays.