Data from China lifts UAE stocks

UAE shares joined in a glo­bal rally on improved Chinese trade data.

China announced that exports during March rose by 11.5 per cent in dollar terms compared with the same per­iod a year ago.

Japan’s Nikkei closed up 2.8 per cent, while the Euro Stoxx 50 was trading up in afternoon trading.

The Dubai Financial Market General Index ended the day 0.7 per cent higher at 3,501.04.

Emaar Properties led gains, closing up 2.7 per cent to Dh6.38, a new high for the year, before the developer’s announcement it would “take steps for the reorganisation” of its Indian subsidiary, Emaar MGF Land.

Dubai Investments and Mash­req were among other gainers, rising 2.5 per cent and 6.7 per cent respectively.

Shares in Abu Dhabi rose for the fifth day in a row, ending the day up 1 per cent at 4,454.94.

Index heavyweight FGB climbed 3.3 per cent to Dh12.50, its highest close in nearly four weeks.

Etisalat rose 0.8 per cent to Dh18.35, after it emerged the telco had shed more than 800 expat staff since early 2014.

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