Dubai's index extended gains today, hitting a seven-week high as speculators bet that an announcement on Dubai World's debt plan is imminent

The index climbed 1.6 percent to 1,686 points. It touched 1,697 points intraday, its highest level since Jan 19.

'The market is up on rumours Dubai World will issue some kind of statement today regarding its debts - speculation is high and rumours are rife,' says Ayman el-Saheb, Darahem Financial Brokerage director of operations.

'Speculators are trying to make a quick buck. We hope these gains can be sustained, but one needs to be cautious - historically, things can go sour very quickly and it all depends on what any announcement says.'   

Emaar Properties climbs 3.9 percent, Dubai Financial Market adds 4.4 percent and Shuaa Capital rises 5.1 percent. 'Foreign investors remain on the buy side and that is likely to drive the rally further,' Shuaa Capital wrote in a research note. - -Reuters