DUBAI // Shares on the Abu Dhabi Securities Exchange (ADX) rallied from intraday losses to close slightly higher yesterday. The Dubai Financial Market General Index also carried the momentum forward from the previous week, closing up 0.7 per cent at 1592.91, its second consecutive gain after four consecutive losing sessions. Emaar Properties rose 3.5 per cent and led trade volume yesterday. Shuaa Capital and Air Arabia closed 1.7 per cent and 2.8 per cent higher respectively.
"The market is oversold anyway, and it is bound to bounce back," said Ayman el Saheb, the head of operations at Darahem Financial Brokerage in Dubai. "The debt restructuring is still an overhang and we have to watch trading patterns for the next few sessions before we can raise our hope for a sustained recovery." Mr el Saheb said the rise in volume was encouraging, because it meant investors were slowly returning to the trading floor.
Ajman Bank and Arabtec also ended the session higher, gaining 3.7 and 1.4 per cent respectively. The ADX General Index gained 0.1 per cent, propped up by gains in energy and property stocks. RAK Properties closed 4.1 per cent higher, while Abu Dhabi National Energy added 1.7 per cent. RAK Cement gained 3.7 per cent and Aabar Investments advanced 1 per cent. Qatar's main measure ended up 0.4 per cent, while Oman closed down 0.2 per cent. Saudi Arabia's Tadawul All Share Index ended 0.6 per cent lower. Both Kuwait and Bahrain markets were closed yesterday.