Abu Dhabi and Dubai listed shares rebounded yesterday as declines were seen as exaggerated, fund managers say.
Emirates bourses rebound
The country's main indexes rebounded yesterday as declines posted last week were seen as overdone, fund managers said.
The Dubai Financial Market General Index gained 1.5 per cent to 1,605.89. Emaar Properties, the developer of the Burj Khalifa, gained 1.5 per cent to Dh3.30.
Dubai Islamic Bank climbed 3.5 per cent to Dh2.31, and Arabtec Holding, Dubai's biggest contractor, rose 1.1 per cent to Dh1.73.
The Abu Dhabi Securities Exchange General Index rose 1 per cent to 2,645.02. Dana Gas, the explorer and producer, gained 3 per cent to 67 fils. Aldar Properties, the developer of Yas Island, increased 3.9 per cent to Dh1.83.
RAK Ceramics, the world's largest maker of ceramic tiles, remained unchanged after reporting positive full-year results. Profit rose to Dh270.2 million from Dh261.9m in 2009.
The shares earlier rose 1.5 per cent to Dh2.64 at the opening of 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, the vice president and chief trader at Gulfmena Alternative Investments in Dubai.
Elsewhere in the region: Kuwait's measure lost 0.4 per cent to 6,747.00; Bahrain's index rose 0.5 per cent to 1,450.76; Oman's bourse gained 0.4 per cent to 6,885.98; and Qatar's index climbed 1.4 per cent to 8,890.58.
The Saudi Tadawul closed 0.8 per cent higher at 6,579.80.