UAE shares rose to their highest levels since late August, tracking emerging markets and oil prices.
The MSCI Emerging Markets Index shrugged off the IMF’s downgraded forecast for emerging market economies, rising for the sixth day in a row. Brent crude also continued its recent positive run, topping US$52 per barrel for the first time since the end of August.
The Dubai Financial Market General Index ended in positive territory for the third consecutive day, closing up 1.4 per cent at 3,711.74, with just one stock – Shuaa Capital – trading lower.
Emaar Properties, the index’s heaviest weighted stock, closed up 1.3 per cent at Dh6.89, the highest close in almost nine weeks.
Abu Dhabi’s headline index rose 0.7 per cent, its largest one-day gain in nearly four weeks, closing at 4,588.76.
Heavyweight FGB rallied 1 per cent to Dh14.25, its highest close since the end of August.
Aldar Properties and ADCB ended the day up 2.8 per cent and 0.8 per cent, respectively.
Taqa was among a handful of laggards, closing down 1.8 per cent at 53 fils, following Bloomberg reports that the company is considering options including strategic partnerships, share sales and asset disposals in the wake of falling oil prices.
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