UAE markets rebound, Dubai shares closed nearly 13% higher

Dubai: UAE markets rebounded on Thursday along with crude oil, with Dubai index registering gains of nearly 13 per cent.

The Dubai Financial Market General Index rebounded, up 12.98 per cent at the close on Thursday.

Dubai posted biggest gain in the GCC region, along with crude oil, led by Emaar Properties.

Shares of heavyweights Emaar Properties went up 14.92 per cent, builder Arabtec was up 15 per cent while DIB went up 14.95 per cent.

Abu Dhabi's ADX general index closed at 6.70 per cent to 4,365.19 on Thursday.

The shares lost close a third of its value since the start of the month.

The impact of plunging crude prices on the government budgets dented investor sentiment, but traders were reassured by the governments of Saudi Arabia and the UAE of any wider impact of its spending programme.