A Bloomberg News report said that Dubai’s main stock market index broke barriers and ended yesterday’s session above the resistance level that was more than a year ago, supported by the continued gains of the largest listed real estate developer, Emaar Properties.
The report stated that the DFM index advanced for the eighth session in a row, recording the longest streak of gains in more than a year. It exceeded the moving average for a hundred days for the first time since January 18, 2018.
The Emaar Properties, which was the largest contributor to the increase in the index and is a leader in the local real estate market, which entered a bull market last week after achieving profits, surprised analysts on the positive side.
The Dubai market rose 1.33%, or 34.95 points, to close at 2,668.64 points, with gains of 3.3 billion dirhams at the close, the highest gainer among the stock markets in the Middle East.
Emaar advanced for the seventh session, extending its longest streak of gains since July 2017.
Emaar Properties increased by 3.2%, extending the increase in the last seven sessions to 25%, which is the best seven-day performance since December 2014.
