Dubai: The Dubai index jumped as much as nearly 3 per cent on Sunday, extending gains for a fourth day following positive global leads from Friday led by Arabtec. The Abu Dhabi index also ended higher.
The Dubai Financial Market General Index ended 2.54 per cent higher at 4,689.12, after gaining more than 4 per cent in the previous three sessions. The index shed more about 14 per cent in the week to October 16.
“The rebound today was due to better momentum in the international market, due to strong corporate earnings and growth potential for UAE public cos,” Tareq Qaqish, the head of asset management at Al Mal Capital told Gulf News.
On Friday, European markets edged down but US stocks were up after strong results from Microsoft and Procter & Gamble. Brent oil prices slipped but were little changed on the week.
Arabtec, which was the most active stock in terms of value, ended 5.25 per cent higher at Dh4.41 per share. Emaar Properties ended 1.94 per cent lower at Dh10.50 per share.
In Dubai, out of a total of 32 shares traded on the exchange, shares of 30 companies rose.
The Abu Dhabi index ended 0.83 per cent higher at 4,870.06. Out of a total of 27 companies on the ADX, shares of 16 companies rose and shares of 7 companies declined and the other 4 remained steady.
