UAE markets stabilise after rout

Dubai: The UAE markets stabilised on Wednesday after sharp cuts in the previous session mirroring similar trend in crude oil.

The Dubai Financial Market General Index ended 1.64 per cent lower at 3,033, after losing more than 7 per cent on Tuesday.

The Abu Dhabi Securities Exchange general index ended 5.11 per cent to be at 4,090.99.

Crude oil traded near a five-year low as Russia reiterated that it will keep crude production steady next year, echoing OPEC’s strategy to refrain from curbing supply to tackle a global surplus.