Regional equities rebounded on news of the European rescue package valued at almost US$1 trillion
Shares lifted by EU's rescue plans
DUBAI // Gulf markets are not immune from global trends after all. A day after recording broad losses in concert with most international indexes, regional equities rebounded yesterday on news of the European rescue package valued at almost US$1 trillion. The Dubai Financial Market General Index added 1.6 per cent to 1,740.61. In yesterday's trading, Emaar Properties gained 2.9 per cent to Dh3.92 in strong trade volumes. Arabtec, the largest listed contractor in the region, rose 1.6 per cent to Dh2.50, despite reporting a 17 per cent drop in its earnings for the first quarter compared with the same period last month.
"It wasn't clear if the markets would rally here … until the rescue package news was out. The direction of trade … was subject to outcome of the EU meeting," said Chahir Hosni, the equities sales manager at the brokerage firm EFG-Hermes in Dubai. The Abu Dhabi Securities Exchange General Index gained 1.6 per cent as well, to 2,794.86. Aabar Investments was among the top gainers, closing 6.6 per cent higher at Dh2.10. Abu Dhabi Commercial Bank posted a gain of 4.5 per cent to Dh1.86.
Elsewhere in the region, Qatar shares set the pace by climbing 3.7 per cent higher. Bahrain shares added 1.2 per cent, while the Muscat index firmed 0.5 per cent. The Saudi Tadawul All-Share index advanced 1.3 per cent. firstname.lastname@example.org