Markets vibrant after Eid

Markets Wrap: Gulf shares rebounded on their first trading day since Eid yesterday, despite a European stock market rout fuelled by the deepening sovereign-debt crisis.
Tabreed's quarterly profit rose 55 per cent to Dh54.1 million. Courtesy: Tabreed
Tabreed's quarterly profit rose 55 per cent to Dh54.1 million. Courtesy: Tabreed

Gulf shares rebounded on their first trading day since Eid yesterday, despite a European stock market rout fuelled by the deepening sovereign-debt crisis.

In Dubai, National Central Cooling jumped 1.5 per cent to 67 fils after the utility company also known as Tabreed last Thursday said quarterly profit rose 55 per cent to Dh54.1 million. Markets resumed trading yesterday after being closed for the Eid holiday. The Dubai Financial Market General Index rose 0.4 per cent to 1,390.07.

In the capital, Aldar Properties rose 1.9 per cent to Dh1.05 after third-quarter profit for Abu Dhabi's biggest property developer reached Dh144m, beating analyst estimates.

The Abu Dhabi Securities Exchange General Index was little changed at 2,483.29.

European markets were roiled after Silvio Berlusconi, the Italian prime minister, offered to resign. Yields on 10-year Italian bonds rose to more than 7 per cent for the first time since the euro was created.

The Euro Stoxx 50 fell as much as 2.4 per cent to 2,246.14 at the Dubai close. The FTSE 100 Index lost 1.5 per cent to 5,482.41.

"It's a roller-coaster ride that investors are taking and that is affecting markets globally," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.

Elsewhere in the region: Bahrain's index gained 0.3 per cent to 1,159.25; and Qatar's QE Index rose 0.8 per cent to 8,704.92. Markets in Saudi Arabia, Kuwait and Oman were closed.

halsayegh@thenational.ae

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Published: November 10, 2011 04:00 AM

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