Business | Markets

DFM advances after record losses

Dubai shares began recovering on Monday following two days of record declines driven by bearish sentiment and selling pressure from foreign funds.

  • Bloomberg
  • Published: 13:43 September 8, 2008
  • Gulf News

  • The Dubai Financial Market General Index rose 0.9 per cent to 4,511.25 at 12:55 pm, rebounding from its lowest close since October 8.
  • Image Credit: Gulf News Archive

Dubai: Dubai shares advanced on Monday, ending two days of declines.

Arabtec Holding Co. advanced after winning a contract and Emaar Properties PJSC rebounded from a more than three-year low, while First Gulf Bank PJSC rebounded from a nine-month low.

The Dubai Financial Market General Index rose 0.9 per cent to 4,511.25 at 12:55 pm, rebounding from its lowest close since October 8.

The Abu Dhabi Securities Exchange General Index added 0.7 per cent, while Saudi Arabia's Tadawul All Share Index surged 3 per cent, snapping five days of declines.

Arabtec rose 1.9 percent to 13.75 dirhams. The company building the world's tallest tower in Dubai said a unit won a 664 million-dirham ($181 million) contract from Saba Properties to develop a skyscraper at Jumeirah Lake Towers.

Emaar, the Middle East's largest real-estate developer, climbed 2.4 percent to 8.26 dirhams.

Qatar's Doha Securities Market Index added 0.3 per cent, while the Bahrain All Share Index decreased 0.2 per cent.

Oman's Muscat Securities Market 30 Index dropped 2 per cent and the Kuwait Stock Exchange Index lost 1 percent.

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