Markets rebound sharply

Abu Dhabi: The UAE financial markets rebounded sharply and ended in positive territory on Sunday after last week's message from the Dubai government that the emirate's debt situation had been overblown in the world media sunk in.

The investor confidence got a boost, resulting in more than Dh1.07 billion worth of stocks being traded on the Dubai bourse with the DFM Index closing 3.33 per cent higher at 1,695.35. The Abu Dhabi Market's general index also gained, up 4.46 per cent at 2,613.88.

In Dubai, real estate major Emaar led the rally, followed by Arabtec. Emaar's stock closed 6.80 per cent higher at Dh3.14, while Arabtec's shares ended 6.49 per cent up at Dh1.97.

In Abu Dhabi, the rally was led by real estate, energy and banking stocks. All market sub-indices gained, without exception. Aldar Properties' shares were the top traded shares by value on Sunday on the ADX. In all, shares worth a combined Dh110.59 million were traded on the Abu Dhabi market.

Markets at 13.00 hrs

UAE financial markets rebound strongly after last week's message from the Dubai government sinks in that the emirate's debt situation had been overblown in the world media, leading to a surge in investor confidence.

At 12:58 P.M., the Abu Dhabi Exchange general index is up 4.39 per cent at 2,612.04; Dubai Financial Market index is 3.93 per cent higher at 1,705.30.

In Abu Dhabi, gains are led by real estate, energy and banking stocks. Aldar Properties is the top traded stock on the market yet, with nearly Dh35 million worth of shares traded.

In Dubai, Emaar is leading the rally, followed by Arabtec. Emmar's stock is trading at Dh3.20, up 8.84 per cent over its previous close.