Oil and China lift UAE bourses

UAE shares ended in positive territory yesterday as Asian markets rose and crude oil gained ground following a surprise decline in US inventories.

Asian stocks took comfort from China’s Shanghai Composite, which surged 4.9 per cent. Hong Kong’s Hang Seng closed up 2.4 per cent, while the Nikkei ended 0.8 per cent higher.

Brent crude surged 4.4 per cent, or more than US$2, late afternoon UAE time after the American Petroleum Institute on Tuesday reported a surprise fall in US oil inventories.

The Dubai Financial Market General Index ended the day up 1.7 per cent at 3,597.11, led by the 2 per cent rise in the index heavyweight Emaar Properties.

Damac Properties was the most heavily traded stock. It closed up 1.9 per cent at Dh3.59 after announcing a dividend of 10 fils per share and a 10 per cent bonus share issue.

In the capital, the Abu Dhabi Securities Exchange General Index closed up 0.6 per cent at 4,534.7.

Dana Gas and RAK Properties were among the best-performing blue-chip stocks, closing up 6 per cent and 3.7 per cent, respectively.

Etisalat closed unchanged at Dh14.5 a share, holding on to gains made on Tuesday after the stock was opened to foreign investors for the first time.

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