Dubai stock market rebounds after sharp downward spiral

Dubai: Dubai's main index ended 8.15 percent up at 2,142 points as most Gulf Arab bourses rebound.

Emaar Properties, which is trading at 2.47 times expected 2008 earnings, surged 14.98 per cent.

Dubai Islamic Bank and Dubai Investments soared 14.96 per cent and 14.41 per cent respectively.

In Abu Dhabi, the index gained 3.3 per cent, led higher by Etisalat, which gained 3.94 per cent. National Bank of Abu Dhabi and First Gulf Bank gained 2.34 per cent and 5.34 per cent respectively.

Kuwait's benchmark ended 1.59 per cent lower at 8,552 points as negative sentiment escalates after trading on the bourse was suspended and fears of a global recession return.

Mobile Telecommunications (Zain) dropped 5.1 per cent and National Bank of Kuwait plunged 8.77 per cent.

Qatar's main index closed up 0.1 per cent at 5,591 points, led by Industries Qatar, which rose 2.62 per cent.

Bahrain's main index closed 1.39 per cent down at 2,003 points.