UAE bourses find their footing

Shares in Dubai recovered on Monday after an uncertain start to the week, buoyed by Dubai Investments.

The Dubai Financial Market General Index closed up 0.4 per cent at 3,941.78.

Dubai Investments, the index’s third heaviest weighted stock, rose 2.1 per cent to Dh2.83 a share. Ajman Bank and Tabreed were the other leading gainers, rising 3.1 per cent and 2 per cent, respectively.

Emaar Malls was one of only a handful of stocks that ended the day in the red, closing down 0.3 per cent at Dh3.32 a share.

In the capital, the Abu Dhabi Securities Exchange General Index gained 0.7 per cent, its highest one-day gain in four weeks, closing at 4,561.36.

FGB, the index’s heaviest-weighted stock, rose by 2 per cent on the day, its highest one day rise in nearly six weeks, ending at Dh15.15 a share.

RAK Properties and Eshraq Properties were among the leading gainers, rising 3.1 per cent and 2.7 per cent, respectively.

Taqa was one of the main losers, closing down 6.8 per cent at 68 fils.

Elsewhere in the region, the Kuwaiti budget carrier Jazeera Airways was unchanged at 4.65 dinars after the company announced on Sunday afternoon that it had submitted a letter of intent to acquire a 35 per cent stake in state-owned Kuwait Airways.

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