The Dubai Financial Market (DFM) General Index edged 2.35 per cent higher to 1,396 points on Wednesday amid high trading volumes, backed by bullish prospects for emerging markets.
Emaar Properties soared 6.70 per cent to hit Dh2.72, while shares of the DFM, the only Arab market which is publicly listed, jumped by 8.46 per cent, closing at Dhs0.795. Trading turnover and market breadth improved significantly at the DFM since the start of the year.
Gary Dugan, Chief Investment Officer for Private Banking at Emirates NBD bank, said "emerging economies will grow in 2012, despite global uncertainties."
Barring Services, all the sub-indices ended in the positive territory with Real Estate jumping 4.65 per cent on Wednesday. In all, 230 million shares changed hands in 3,575 trades worth Dh242.14 million. There were 21 gainers and six losers while two stocks remained unchanged.
International Financial Advisors was the top gainer of the day, jumping 13.8 per cent to 80 fils.
The positive mood prevalent on the DFM extended to Abu Dhabi bourse, gaining 0.58 per cent to close at 2,375 points.