UAE shares rebound after mixed results

15/02/2017 05:51 AST

Shares in the UAE recovered on Tuesday after the previous session’s sharp sell-offs, even as companies reported mixed results.

The Dubai Financial Market General Index ended the day up 0.4 per cent at 3,652.82, boosted by gains in DXB Entertainments and Dubai Investments.

Damac Properties shares rose by 0.7 per cent to Dh2.83 after the developer announced a 1.3 per cent rise in fourth-quarter profit. Shares in du meanwhile closed 0.8 per cent higher, despite a 20 per cent drop in quarterly profit.

Shares in Drake & Scull International (DSI) dominated trading in Dubai, after the contractor announced a narrowing of 2016 losses and plans for a Dh500 million rights issue.

DSI shares, which fell by 10 per cent on Monday, opened lower but rebounded strongly in afternoon trading, closing up 6.9 per cent at 51 fils.

Shares in Arabtec, meanwhile, fell steeply for a second day, shedding 9.2 per cent following Monday’s announcement of a Dh3.4 billion annual loss.

In the capital, the Abu Dhabi Securities Exchange General Index closed 0.2 per cent higher at 4,572.57, thanks to gains by ADCB and Dana Gas. Shares in UNB closed up 4.1 per cent at Dh4.58, even as the bank’s fourth-quarter profit came in below analyst forecasts.

Aldar Properties shares, meanwhile, closed 0.4 per cent higher at Dh2.56, after the developer reported a 1 per cent drop in fourth-quarter profit attributable to a "softer operating market".

In Saudi Arabia, the Tadawul finished 0.4 per cent lower following drops by Sabic and Dar Alarkan Real Estate.

The National