Tuesday, May 14, 2013
1048 GMT [Zawya Dow Jones]--Most Persian Gulf stock markets end higher Tuesday, extending recent gains as investors continue to factor in an improving outlook for several regional economies. Dubai's benchmark DFM Index leads the charge again, rising 2.7% to 2255.19-its highest close since end-October 2009. Neighbour Abu Dhabi's market is up 1.8% at 3481.47--its highest close since end-October 2008. "New cash is driving Dubai and Abu Dhabi higher as investors are turning bullish again on the U.A.E.'s fortunes," says one Abu Dhabi-based fund manager at a local bank, which also runs a brokerage operation. "We are seeing investor accounts lying dormant since 2008 being reactivated as cash is pumped in." Notes banks and real estate stocks, the two most prominent sectors in the U.A.E. and seen as benefiting the most from an economic rebound, are leading the gains. Kuwait's market ends +0.2% at 7862.89 and Doha +0.4% at 8938.10.
(nikhil.lohade@dowjones.com; Twitter: @ZDJnews)
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(END) Dow Jones Newswires
14-05-13 1049GMT
