"People are excited about the elections, they are building positions in anticipation of presidential election law," said
Construction- and property-related shares led the trading. Palm Hills Development Co rose 3.9% and
The market was little affected by Sunday's bombing of a tourist bus in Sinai and this resilience is also supporting investor confidence, Radwan added.
"Investors were expecting higher dividends on
Telecommunications operator Du dropped 5.6%, despite posting estimate-beating earnings.
Du's fourth-quarter profit fell to AED 570m from AED 994m a year earlier when the company wrote back some tax provisions.
"The overall market has had a nice run but fundamentally, it's becoming overstretched. Fresh money won't come in if valuations are high," Adou said.
Analysts and investors have been calling for a correction on
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