Europe has positive effect at last

Dubai shares yesterday regained some of their losses from Sunday on positive signs out of Europe.

The Dubai Financial Market General Index ended trading yesterday up 1.2 per cent to 1,712.96, on volumes of 113.5 million shares. Emaar Properties moved up 1.6 per cent to Dh3.81 and was the most heavily traded stock. The investment bank Shuaa Capital was the leading gainer on the exchange, rising 5.1 per cent to Dh1.52 a share.

The index "was down until midday and then bounced back when European markets recovered, largely because the euro stabilised", said Saad al Chalabi, the institutional trader at AlRamz Securities based in Abu Dhabi. Mr al Chalabi said the continued weakness in oil, which dropped beneath $70 a barrel, was putting negative pressure on regional markets. The Abu Dhabi Securities Market General Index lost 0.3 per cent to 2,776.77, on volumes of 54 million shares traded.

Dana Gas shares were most active and fell 1.2 per cent to 80 fils. Sharjah Islamic Bank was the biggest gainer, gaining 2.1 per cent to 95 fils. RAK Properties shares fell the most, by 2 per cent to 47 fils. Elsewhere in the region, the Saudi Tadawul All-Share Index fell 0.5 per cent to 6,494.08, while Kuwait's main measure was up 0.4 per cent to 7,142.50. Qatar's QE Index fell 0.2 per cent to 7,196.40; Muscat's gauge fell 1.2 per cent to 6,570.71; and Bahrain's index fell 0.6 per cent to 1524.67.