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Dubai’s bourse surges to a new five-year high as retail investors target mid- to small-cap companies ahead of fourth-quarter earnings, Reuters reported.
The index jumps 2.4 percent to 3,777 points, its highest level since October 2008.
It nears the 50 percent retracement of its drop from a January 2008 peak, which lies at 3,807 points and may provide resistance.
“Institutional money is either already in the market or waiting on the sidelines until there is something clear to bet on – this volatility is basically retail-driven,” says Amer Khan, fund manager, Shuaa Asset Management.