UAE bourses rebound despite bearish sentiment across the region

20/08/2015 06:10 AST

UAE bourses had a rare day of respite yesterday as shares made their first gains in several days.

Negative economic sentiment prevailed on other Arabian Gulf bourses however, which ended in the red.

The Dubai Financial Market General Index closed a volatile day of trade up 0.15 per cent at 3,833.30, breaking a five-day losing streak.

Deyaar Development and Dubai Financial Market were among the biggest gainers, rising by 2.1 per cent and 1.78 per cent respectively.

Drake and Scull International and Dubai Islamic Bank led the losers, closing down 1.61 per cent and 0.69 per cent respectively.

The Abu Dhabi Securities Exchange General Index snapped a six-day losing streak, closing up 0.7 per cent at 4,578.98.

Banking stocks led the recovery, with Union National Bank and FGB rising by 5.4 per cent and 1.7 per cent respectively.

Conversely, Arkan Building Materials fell 10 per cent to 99 fils despite announcing a 129 per cent increase in profits for the second quarter.

There was no such respite for Saudi stocks, which fell for the seventh day in a row over concerns about the economic effect of low oil prices.

The Tadawul All Share Index closed down 2.5 per cent to 7,991.28, a new low this year.


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