UAE bourses fight back
Dubai shares pushed higher yesterday, rebounding from recent losses as market participants welcomed reassuring signals from the US Federal Reserve.
Emaar Properties was up 1.4 per cent to Dh2.79 a share. Arabtec Holding rose 3 per cent to Dh1.34 a share and Tamweel was also up 3 per cent to 80 fils.
The Dubai Financial Market General Index rose 1.1 per cent to 1,460.96, while the Abu Dhabi Securities Exchange General Index was up 0.9 per cent to 2,602.50.
The moves came after stocks surged broadly on Tuesday after the Fed said it would hold short-term interest rates near zero for at least another two years to support the faltering US economy.
The Fed's statement signalled it had all but written off any chancethe US economy would see robust growth anytime soon, and the policy is unlikely in itself to spur significant growth.
"Markets are very moody right now, any headline moves it one way or another," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai.
"There are big swings, it doesn't necessarily mean we are reversing the trend and going upwards.
"We need to see what is going to happen in the coming days."
Elsewhere in the region: Bahrain's index added 0.5 per cent to 1,272.29; Oman's index lost 0.6 per cent to 5,471.18; Qatar's benchmark gained 0.7 per cent to 8,127.54; and Kuwait's measure rose 0.3 per cent to 5,900.80.
The Saudi Tadawul All-Share Index closed up 0.51 per cent at 6039.32.