Dubai's stock-market rallied today, tracking the performance of global markets on Friday, ahead of a crucial meeting this week.
Emaar Properties, the developer of the world's tallest skyscraper, gained 1.2 per cent to Dh3.29. Drake & Scull International rose 1.2 per cent to 83 fils. Deyaar Developement surged 4.1 per cent to 33 fils. Tabreed, the district cooling company, jumped 2.4 per cent to Dh1.26. The Dubai Financial Market General Index gained 0.8 per cent to 1522.61 points.
The world's two most powerful central banks, the US Federal Reserve, and the European Central Bank (ECB) are due to meet on Tuesday on the backdrop of a worsening global economic outlook. ECB chief Mario Draghi last week said the European Central Bank was "ready to do whatever it takes to preserve the euro."
Aldar Properties, developer of Yas Island and Ferrari World, gained 0.9 per cent to Dh1.11 on the Abu Dhabi Securities Exchange. Sorouh Real Estate, the developer behind Reem Island's Sun&Sky Towers, rose 0.9 per cent to Dh1.02. The Abu Dhabi Securities Exchange General Index gained 0.4 per cent to 2481.08 points.
Elsewhere in the region, Oman's stock-market slipped 0.1 per cent to 5380.77 points, amid low volumes, even after Al Jazeera Steel Products reported an increase in second quarter profit. Net income at the Muscat-based manufacturer rose to 1.65 million Omani Riyals, from 1.09 million riyals last year. Al Jazeera's shares were unchanged at 0.27 rials.
Kuwait's measure added 0.1 per cent to 5755.72 points. Bahrain's measure slipped 0.2 per cent to 1110.68 points. Qatar's QE Index added 0.4 per cent to 8263.07 points.
The Saudi Tadawul All-Share Index rallied 1.5 per cent to 6767.81 points yesterday.
