(MENAFN- Khaleej Times) Dfm has advanced 44% in 2014 to beat 92 indexes from around the world
the dubai financial market (dfm) general index the best performing market index so far this year surged the most in two weeks on sunday to cross the 4800 mark.
the benchmark index rose 1.7 per cent to 4843.35 points the biggest gain since april 8 as the uae and qatar bourses get closer to be upgraded by index provider msci to emerging-market status on may 14.
the dfm general index rises 1.7 per cent to 4843.35 points the biggest gain since april 8. — kt file photo
among the top gainers on sunday was dubai investments which has the third-heaviest weighting on the index climbing to a 52-week high to 5.1 per cent to close at dh4.50.
other gainers included real estate company deyaar development which gained 3.8 per cent to close at dh1.650. arabtec holding closed at dh7.230 3.43 per cent over last week’s close marking a 52-week high for the company while union properties advanced 1.4 per cent. emirates nbd bank up 2.75 per cent and al salam kuwait up 2.19 per cent were other gainers on sunday.
dubai’s benchmark which more than doubled last year has advanced 44 per cent in 2014 to beat 92 indexes from around the world tracked by bloomberg. abu dhabi’s benchmark index dropped 0.3 per cent.
elsewhere in the gcc qatar’s main gauge qe index increased 0.2 per cent. saudi arabia’s tadawul all share index increased 0.5 per cent to 9582.21 points. kuwait’s index slipped 0.2 per cent to the lowest close since march 17. bahrain’s benchmark retreated 0.2 per cent and oman’s measure fell 0.1 per cent.
analysts said following next month’s market upgrade bourses in the uae and qatar would be attracting increased foreign funds driving up the stocks further. in may msci will raise the uae and qatar to emerging market from frontier market status. in september s&p dow jones will also upgrade the bourses. already the inflows of funds have begun and in the coming months billions of dollars of fresh money are expected to buoy the markets.
in march while most gcc indices plunged due to weak global cues and tensions over the russian referendum in crimea and the weakened sentiment in the wake of us tapering the dfm was the key gainer (5.5 per cent month on month) followed by the tasi (four per cent).
while the combined market capitalisation of gcc bourses increased 2.1 per cent to $1.048 trillion in march abu dhabi and dubai bourses share rose to $202 billion accounting for 19.3 per cent of the total market capitalisation. volume traded plunged 8.9 per cent in march with all markets except the uae and oman registering a fall.
— issacjohn?khaleejtimes.com
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