UAE stocks claw back lost ground

The Dubai Financial Market General Index closed up 1.11 per cent at 4,086.83 while the Abu Dhabi Securities Exchange General Index rose by 0.92 per cent to 4,723.23.

UAE stocks advanced yesterday as emerging market bourses managed to recoup some of Monday’s losses.

China’s Shanghai Composite, which entered a bear market on Monday, ended 5.5 per cent higher yesterday, its first gain in four days, on speculation the government will take steps to curtail further declines. Asia’s other headline indexes rose, led by Hong Kong’s Hang Seng, which gained 1.09 per cent.

The Dubai Financial Market General Index closed up 1.11 per cent at 4,086.83. Arabtec Holding and Dubai Financial Market were the main gainers of the day, rising by 3.54 per cent and 3.13 per cent respectively.

Shares in Amlak Finance, which are not included in Dubai’s headline index, soared 12.55 per cent to a new high of Dh2.78.

The Abu Dhabi Securities Exchange General Index rose by 0.92 per cent to 4,723.23, prompted by a 1.67 per cent rise by FGB, the index’s heaviest weighted stock.

Shares in Etisalat were unchanged on the day at Dh13.50, breaking a three-day losing streak, after the operator announced its second quarter profit would be affected by accounting changes at its Saudi unit Mobily.

Qatar Exchange was the brightest performing bourse in the Gulf region yesterday, ending the day up 1.56 per cent at 12,201.02, its highest close in more than a month.

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