UAE shares stage rally to recover

Investors follow the shares on a monitor screen at the Dubai Financial Market. Ali Haider / EPA

UAE shares recovered alongside emerging markets on Wednesday amid thin trading.

Markets in Asia pared the previous day’s losses, as Chinese and Hong Kong stocks ended the day in the black. Japan’s benchmark Nikkei 225 index ended 2.7 per cent higher, a day after falling to its lowest level since January.

Dubai shares enjoyed their highest one-day rise in two weeks, closing up more than 1 per cent at 3,593.28, thanks to strong rebounds by Emaar Properties and its subsidiary Emaar Malls.

Emaar Properties closed up 2.5 per cent at Dh6.46, while Emaar Malls rose 2.3 per cent to Dh3.09.

On the Nasdaq Dubai, shares in DP World experienced their best one-day gain in a month, after the stock was upgraded to “buy” from “neutral” by EFG Hermes.

The port operator’s shares closed up 4.6 per cent at $21.24.

In the capital, the Abu Dhabi Securities General Index closed up 0.6 per cent at 4,502.79, on a day when less than 50 million shares changed hands.

Shares in ADCB recorded their best one-day performance in more than a month, closing up 4.6 per cent at Dh7.65. Aldar, RAK Ceramics and Etisalat also gained.

FGB, the index’s heaviest weighted stock, closed down 0.3 per cent at Dh13.95.

Elsewhere in the region, shares in Qatar and Saudi Arabia bounced back, after sell-offs on their first day of trading after the Eid holidays on Tuesday.

The Qatar Exchange ended the day up 1.6 per cent, while Saudi Arabia’s Tadawul All Share Index ended the day up 1 per cent higher.

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