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09-05-14

Dubai's benchmark boosts 108 percent in 2013

(MENAFN) Data showed that Dubai"s bourse saw a higher growth than any other Gulf market by a wide margin in terms of companies" first-quarter profit growth, according to Arab News. The emirate"s benchmark exceeded 108 percent in 2013 and is up 57 percent this year, making it one of the world"s top-performing stock markets over the past 17 months. Although some analysts believe the market is overbought, its fundamentals have improved significantly. The combined net profit of Dubai-listed companies that posted results by May 1 boosted 34.1 percent year-on-year, as calculated by Reuters based on data compiled by Kuwait"s KIPCO Asset Management Company.