Shares in Dubai experienced their first positive day of this year on Wednesday, squeezing out a small gain thanks to a marginal recovery in oil prices.
Brent crude futures were up by 2.2 per cent to US$31.54 per barrel on Wednesday afternoon, taking comfort from news of rising Chinese exports in December. “The Chinese import figures published overnight have allayed recent concerns about demand [for oil], as there is not a hint of weaker demand from China,” said the Commerzbank analyst Carsten Fritsch.
The DFM opened 1.2 per cent higher with the recovery in oil prices, eventually closing little changed 0.03 per cent at 2,921.70. Saudi Arabia’s Tadawul All Share Index ended the day 0.5 per cent down at 6,038.03.
Emirates NBD led gains for the day in Dubai, closing up 1.4 per cent at Dh6.99. There was no respite, however, for Emaar Properties, whose shares fell a further 0.4 per cent to Dh4.86. The developer’s shares have lost nearly 15 per cent of their value since the start of the year. Shares in Arabtec, which accounted for nearly 50 per cent of trades on the index, closed down 0.7 per cent.
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