Dubai: The Dubai Financial Market (DFM) General Index bounced back on Sunday after sharp declines over the past three sessions, with Gulf Finance House (GFH), which rose 10 per cent, being the most active stock in trade.

The index advanced 0.83 per cent to close at 2,972.41 after having lost more than 100 points in the past three sessions. GFH ended the day 10.48 per cent higher at Dh1.37, with its traded value weighing in at Dh129 million, 50 per cent of the day’s total of Dh288 million.

Among the other front-line stocks, Emaar Properties bolstered its gains, rising 0.37 per cent to close at Dh5.42, while Shuaa Capital witnessed a recovery, ending the day more than 3 per cent higher at Dh1.10.

Drake & Scull International (DSI) rose 4.63 per cent to close at Dh1.13 while Dubai Islamic Bank (DIB) gained 2.01 per cent to end the day at Dh5.57.

In the UAE capital, the Abu Dhabi Securities Exchange (ADX) General Index closed 0.08 per cent higher at 4,560.38.

Dana Gas struck an intra-day high of Dh1.09, its highest level in 52 weeks, before easing slightly to close at Dh1.07, up 3.88 per cent on the previous session’s close.

The stock is poised to target Dh1.15/1.40 in the coming weeks, with Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities (FABS), adding that any profit-taking, if seen, should find strong support at Dh1.02/ 0.99 levels.

In other stock action, Eshraq Properties rose 2.78 per cent to end the session at Dh0.74.

Elsewhere in the Gulf region, Saudi Arabia’s Tadawul All Share Index was almost flat at 8,110.48, while the Qatar Exchange index closed 1.16 per cent higher at 8,908.03.

The Muscat MSM 30 index, however, retreated 0.15 per cent to close at 4,718.48.

Inflows

Quoting statistics from Lighthouse Research, Al Mal Capital said the estimated net flows into Mena equity funds in regional markets jumped at the start of 2018.

“This is a very encouraging news and could be the start of a trend reversal after three years of heavy outflows. Our conversations with regional and international investors also seem to indicate that a renewed interest for Mena equities,” Al Mal said in a weekly note.