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Dubai shares recorded a strong rally on Sunday as the threat of an imminent attack on Syria eased following an agreement between the US and Russia to destroy the strife-torn country?s chemical weapons.
The benchmark DFM General Index, which had been on a consistent slide over the past several weeks since reaching a five-year high on August 2, jumped 4.8 per cent to 2,659.93 points, the highest in almost three weeks as shares in Union Properties hit their highest level in more than three years.
As real estate shares led gains, Union Properties surged 11.6 per cent to a near four-year-high. The stock has risen 89.9 per cent in 2013, mostly in the last four weeks. It was briefly suspended at the opening while the company notified the market of a board meeting.
Shares of other property giants also showed a jump. Emaar Properties rose 4.7 per cent as Deyaar Development surged 9.1 per cent. Emaar rose to Dh6.02, the highest since August 26, and Deyaar soared to 61.4 fils, the highest since January 2010. The DFM index has climbed 64 per cent this year, more than any of the 50 largest equity markets.