DUBAI: Dubai’s measure hit a 40-month high as investors betting on upbeat first-quarter earnings extended a buying spree.
Dubai’s market climbed 2.4 percent to its highest close since November 2009 and is up 21 percent year-to-date.
The benchmark also eclipsed its previous 2013 year high set in late February. Investors usually cash in gains after qualifying for dividend payments and the market did retreat in March, but this year’s April surge has buoyed traders.
Emaar Properties rose 2.1 percent and Dubai Islamic Bank gained 6.7 percent.
Shares in contractor Drake and Scull jumped 7.5 percent in heavy trade as investors bet the firm could be an acquisition target, traders said.
Abu Dhabi’s benchmark added 0.6 percent to reach its highest close since October 2009.
In Egypt, the benchmark climbed 0.9 percent, up for a fourth session since April 3’s four-month low as local bargain hunters bought shares while foreigners remained net sellers.
National Societe Generale Bank rose 7.1 percent, Telecom Egypt gained 2 percent and Commercial Bank International added 0.5 percent.
The government is hoping to clinch a $ 4.8 billion loan deal with the International Monetary Fund in coming weeks as the country’s finances hit critical levels.
“The market was hit too fast and aggressively — we’re seeing a decent breath of air,” said Mohamed Radwan, director of international sales at Pharos Securities.
