Emaar leaps, driving Dubai bourse higher

Emaar Properties leapt 10.2 per cent to nudge the Dubai index to its largest one-day gain in 14 weeks after HSBC issued a bullish report on the United Arab Emirates' real estate sector.

The index closed at a 23-week high.

HSBC gave Emaar an overweight rating, with a price target of Dh8.5. It closed on Sunday at Dh3.47.

The report also said the UAE's property sector was bottoming out, with agreed prices rising in April and May.

Dubai's benchmark climbed 4.8 per cent to 1,878 points, its highest close since December 18. Sunday's trading volume of 1.2 billion shares was the largest for at least 11 months.

Abu Dhabi's index also advanced, rising 0.8 per cent to 2,679 points as property stocks also led gainers.

Aldar Properties climbed 7.4 per cent to Dh4.23. HSBC gave the stock an overweight rating and a price target of Dh6.4.

Sorouh Real Estate, which was also overweight in HSBC's report, added 5.3 per cent.