Dubai Financial Market recovers after Arabtec plunge in previous session

UAE bourses closed higher on Monday as the markets recovered from a tumultuous Sunday trading session during which Arabtec’s shares plunged on the Dubai Financial Market.

The Abu Dhabi Securities Exchange (ADX) rose 0.9 per cent in trading, while the DFM rose 2.2 per cent.

Arabtec shares rose 3.81 per cent , after falling 9.92 per cent on Sunday. The company’s share price now stands at Dh2.45 each – up from Sunday’s price of Dh2.36, but still below last week’s high of Dh2.8.

Dubai Islamic Bank and Dubai Investments led gains on the DFM.

Both stocks closed 4 per cent higher in trading yesterday.

Emaar Properties rose 2.7 per cent, while Emaar Malls rose 1 per cent.

Dar Al Takaful fell 8.2 per cent, the highest of any share on the exchange. Shuaa Capital decreased by 3.1 per cent.

Finance House recorded the highest gains on the ADX, rising 14.8 per cent.

Abu Dhabi National Hotels fell 9.8 per cent.

The DFM’s gains were the largest among emerging market bourses. The Egyptian Exchange rose 0.2 per cent, while the Tadawul and Qatar indexes remained flat.

Indexes in Jordan and Oman fell.

The MSCI Emerging Markets Index rose by 0.4 per cent overall.

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Adam Bouyamourn

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