Strong conditions of global equities strengthened the market and pushed bellwether stocks in Dubai and Abu Dhabi. Shares of Aldar Properties, the Abu Dhabi developer, surged 4 per cent to stand at Dh1.55 making the firm top performer on the Abu Dhabi Securities Exchange (ADX). Investors made beelines for the shares amid buoyant sentiments prevailing in the market.
Amjad Bakir, the trading manager at Menacorp Alternative Investments said that investors took positive response from the conditions prevailing in Egypt that recently saw political disturbance. Mr. Bakir said, "We're following the international markets and they're up, but we are reaching the point when [investors will] start booking profits."
Meanwhile, The Dubai Financial Market General Index closed at 1,552.81 points with an increase of 1.5 per cent while the ADX Index rose 0.2 per cent. However, Kuwait's index slipped 0.2 per cent to 6,285.00 amid cool market sentiments.
Tariq Qaqish, director and fund manager at Al Mal Capital in Dubai, which manages about $163m said that he is expecting shift from regional markets like Egypt to the UAE.