x Abu Dhabi, UAEWednesday 26 July 2017

Dubai and Abu Dhabi stocks stage recovery

Stocks listed on the ADX and DFM rebound during the second half of the trading session, as declines last week were seen as exaggerated, fund managers say - with video.

The country's main indices rebounded at the close of play as declines made last week were seen as exaggerated, according to fund managers.

The Dubai Financial Market General Index gained 1.5 per cent to 1605.89. Emaar Properties, developer of the Burj Khalifa, gained 1.5 per cent to Dh3.30. Dubai Islamic Bank gained 3.5 per cent to Dh2.31. Arabtec Holding, Dubai's biggest contractor, gained 1.1 per cent to Dh1.73.

The Abu Dhabi Securities Exchange General Index rose 1 per cent to 2645.02. Dana Gas, a UAE gas explorer and producer, gained 3 per cent to 67 fils. Aldar Properties, developer of Yas Island, gained 3.9 per cent to Dh1.83.

 

Ras al Khaimah Ceramics, the world's biggest maker of ceramic tiles, remained unchanged after reporting positive fourth year results. Full-year profit rose to Dh270.2 million from Dh261.9 million year earlier.

The shares earlier rose 1.5 per cent to 2.64 dirhams at the open on the capital's exchange. "What we are seeing today is a natural rebound due to over exaggerated selling when the Egyptian crisis started," said Marwan Shurrab, vice president and chief trader at Gulfmena Alternative Investments in Dubai.

Elsewhere in the region, Kuwait's measure lost 0.4 per cent to 6747.00. Bahrain's index gained 0.5 per cent to 1450. 76. Oman's bourse gained 0.4 per cent to 6885.98. Qatar's index gained 1.4 per cent to 8890.58. The Saudi Tadawul was trading 0.7 per cent higher to 6579.80.