x Abu Dhabi, UAESaturday 22 July 2017

Markets rebound in the UAE, following Asia

Markets Update: Stock markets are moving upward, following bourses in Asia and news that the G8 economies want Greece to remain in the euro-zone.

Dubai's stock-market rebounded on Monday, taking cues from Asian markets and following news that the Group of Eight economies want debt-ridden Greece to remain in the euro-zone.

Tabreed, the district cooling company, rose 2.4 per cent to Dh1.25. Emaar Properties, the developer behind the tallest skyscraper the Burj Khalifa, gained 0.6 per cent to Dh2.90.

The Dubai Financial Market General Index added 0.6 per cent to 1475.38 points.

"It's just a rebound," said Mohammed Ali Yasin, an independent analyst in Abu Dhabi.

"The sentiment generally is still negative, there isn't enough liquidity to push resistance levels."

Property stocks were the top gainers on the Abu Dhabi Securities Exchange. Sorouh Real Estate, the second biggest developer in the emirate, gained 2 per cent to Dh1.00 a piece. Eshraq Properties surged 6.2 per cent to 34 fils.

The Abu Dhabi Securities Exchange General Index rose 0.1 per cent to 2466.25 points.

Elsewhere in the region, Kuwait's measure slipped 0.2 per cent to 6407.64 points. Bahrain's measure lost 0.1 per cent to 1146.69 points. Oman's MSM 30 Index lost 0.1 per cent to 5608.78 points. Qatar's QE Index was unchanged at 8400.33 points.

The Saudi Tadawul All-Share Index added 0.1 per cent to 6979.55 points yesterday.

HAlSayegh@thenational.ae

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