Shares of Dubai Financial Market Co (DFM) surged 11.29 percent as the stock exchange's mother company, Borse Dubai, proved it would not default on a loan due for refinancing this month.
Investors often trade DFM based on news related to Borse Dubai although the stock exchange's profits are not linked to the parent, derived rather from revenues from trading volumes the index DFMGI.
The Borse refinancing "will give confidence to investors that Dubai will be able to weather the storm, but it does not have any direct affect on DFM," said Amr Diab, head of sales at EFG-Hermes.
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