x Abu Dhabi, UAEMonday 24 July 2017

Gains continue for Dubai shares

Markets Update: Dubai's market surges into its fourth straight day of gains, erasing a slump seen during December.

Dubai's market extended a four-day streak of gains, paring losses seen during December as traders returned en masse to the emirate's market.

The Dubai Financial Market General Index surged 1.3 per cent to 1,382.25, while the Abu Dhabi Securities Exchange General Index gained 0.4 per cent to 2,373.05.

Emaar Properties led the movers on Dubai's index, with shares climbing 3.9 per cent to Dh2.65 each. Dubai Financial Market Company, Arabtec and Air Arabia also made gains.

In Abu Dhabi, United Arab Bank reported an increase in full-year profits of 7.1 per cent to Dh330m, with the bank's expansion drive in Abu Dhabi resulting in almost Dh2.5bn in new lending.

The Sharjah-based lender almost doubled its loan book during the year as it opened new branches in Abu Dhabi and slashed mortgage rates. The shares were unchanged at Dh3.64 each.

Asian stocks rose in the early hours of the morning, making tentative gains after Japan reported its first annual trade gap since 1980. The Nikkei 225 rose 1.1 per cent to 8,883.69, and the Hang Seng Index climbed 0.8 per cent to 20,110.37.

Oil prices rose slightly, with Brent futures gaining 12 cents to $109.84 per barrel.