Markets Update: Local bourses rise at the open, helped by positive sentiment from international markets and higher commodity prices - with video.
Dubai market rebounds as international investor mood improves
Dubai shares rose at the open, boosted by positive sentiment from international markets, traders said.
Two stocks advanced for every one that declined. The Dubai Financial Market General Index was up 0.7 per cent to 1537.19 points.
"We are expecting an opportunistic rebound to reflect what's happening on international markets," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.
Emaar Properties, the largest developer in the region, was up 1.3 per cent to Dh3.06. National Central Cooling, also known as Tabreed was up 2.5 per cent to Dh1.23 a share. Aramex, the largest courier company in the Middle East, was up 3.3 per cent to Dh1.84
Asian markets were up this morning, boosted by a rally in commodities.
The MSCI Asia Pacific Index rose 1.6 per cent in Tokyo, with three shares advancing for every one that fell. Oil reached a two-week high, copper climbed for a third day and wheat added 1.3 per cent. Deutsche Bank said copper will probably climb, joining Goldman Sachs Group in predicting higher commodity prices.
On the Nasdaq Dubai, DP World was down 1.8 per cent to $13.11 a share after the Dubai ports operator said it will start trading on the London Stock Exchange from June 1.
In the capital, the Abu Dhabi Securities Exchange General Index was unchanged at 2601.43 points.
Elsewhere in the region, Kuwait's measure was down 0.7 per cent to 6323.20 points. Bahrain's index lost 0.1 per cent to 1364.14. Oman's measure lost 0.1 per cent to 6023.22. Qatar's benchmark lost 0.4 per cent to 8340.84. The Saudi Tadawul All-Share Index was closed for the day.