UAE shares bounce back; oil prices rebound

UAE equities recovered some ground on Monday after Sunday’s sell-off, as oil rebounded and world stock markets began the week little affected by Friday’s terrorist attacks in Paris.

European exchanges opened sharply down on Monday but quickly pared losses to finish only marginally lower.

Meanwhile oil rallied after three straight days of declines last week, with Brent crude futures trading up close to $45 per barrel in afternoon trading.

The Dubai Financial Market General Index closed up 0.89 per cent at 3,174.27, as investors took advantage of lower prices to rebuild their positions in stocks like Arabtec Holding and Amlak Finance.

Shares in Arabtec enjoyed their busiest day of trading in nearly five months, surging 8.41 per cent to Dh1.16, after its chairman said the company was still in talks with the Egyptian government to develop a vast housing project.

Amlak Finance shares rose by 8.21 per cent to Dh1.45.

The Abu Dhabi Securities Exchange General Index gained 0.96 per cent at 4,135.99, with property stocks experiencing the busiest trading of the day.

Eshraq Properties closed up 4.17 per cent at 50 fils, while Aldar Properties ended the day 3.33 per cent higher at Dh2.17.

The heavyweight stocks FGB and Etisalat, together representing more than half of the headline index’s weighting, ended up 1.68 and 1.64 per cent respectively.

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