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Dubai share index tops 5,000 points for first time since 2008

Index crosses psychologically important barrier last seen before the financial downturn

Published: Updated:

Dubai’s share index today rose above 5,000 points for the first time in almost six years.

The benchmark index, which jumped 2.9 percent on Monday, crossed the psychologically important barrier several times in early trade before slipping back.

It was the first time since August 2008 that the Dubai Financial Market (DFM) index had exceeded the 5,000 mark, Reuters reported.

Just after noon local time, the index steadied at 5,019, up 0.7 percent for the day.

Dubai Islamic Bank and bourse operator Dubai Financial Market (DFM) were among the highest climbers, up 3.8 and 2.5 percent respectively.

Not all stocks were buoyant, with a number of other companies, including some in the property and construction sectors, in the red.

“It’s tough to accept as true that the market could bring in further gains after the strong rally, but bullish trends and breakouts to new highs can often go much further than our mind can imagine,” Shiv Prakash, senior technical analyst at NBAD Securities, says in a note.

“The market needs to run a final blow-off rally before the bulls sell.”

(With Reuters)