Dubai stocks surge most in the world due to waning Syria tensions

Dubai shares soared the most in the world on Tuesday as a sense of relief prevailed among investors after the US President suggested that the planned military strike could be averted if the Syrian regime followed through on a Russian proposal of putting its chemical weapons under international control.

The possible breakthrough to crisis, brewing since August 27, came almost at the same time as President Barack Obama in an interview to a US television network on Monday night acknowledged that it would be difficult to muster US Congress?s support for the resolution on military action. The latest development eased oil prices.

The DFM General Index jumped 8.50 per cent, the most in about four years, to close at 2522.15. The Abu Dhabi Securities General Index advanced 5.53 per cent to 3671.59.

?The positive news about Syria and its implications for the region was the key driver for the markets today,? said Amer Khan, director at Shuaa Asset Management. ?Obviously a risk-on environment across the GCC today, notably in the UAE, which had suffered during the recent volatility.?

via Dubai stocks surge most in the world due to waning Syria tensions | Al Bawaba.

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