Dubai bourse gains in 5 week high

Market shares in Dubai soared to a five-week high in trading on Tuesday but low volumes remain a concern as companies prepare to disclose their full-year earnings. The Dubai Financial Market (DFM) General Index gained 1.77 per cent to 1,364.37 at 12pm UAE time on a turnover of just over Dh80 million. Abu Dhabi's bourse rose 4.76 points, or 0.2 per cent, to 2,357.5. Large cap stocks saw some buying activity, with real estate developer Emaar Properties climbing 3.25 per cent to Dh2.54 and Commercial Bank of Dubai adding 3.45 per cent to Dh3. "I believe this is a technical rebound in local markets; we cannot read anything more into it until volumes start to improve," said Mohammad Ali Yasin, chief investment officer at CAPM Investment. "These upward movements are not sustainable and will not change the current trend," he added.