Dubai's shares were lifted yesterday by improved global sentiment on disputed reports that France and Germany had agreed to boost the euro zone's rescue fund to €2 trillion to stem a worsening debt crisis.
Emaar Properties rose 0.8 per cent to Dh2.48 a share, with turnover reaching Dh25.5 million, or 41 per cent of total activity on the Dubai Financial Market (DFM).
The stock, which has declined 9.8 per cent this month, reached a fresh low of Dh2.42 on Tuesday, which triggered buying interest from local retail investors, said Anastasios Dalgiannakis, the head of trading at Mubasher Financial Services in Dubai.
"Emaar looked oversold at its current levels and reporting season is approaching, where investors are expecting a positive surprise," Mr Dalgiannakis said. Foreigners were net sellers on the Dubai bourse, with outflows reaching Dh12.5m yesterday.
The DFM General Index rose 0.4 per cent to 1,363.35.
In the capital, Aldar Properties rose 1 per cent to 99 fils a share. Sorouh Real Estate jumped 3.3 per cent to 92 fils. Ras Al Khaimah Cement advanced 2.7 per cent to 74 fils.
The Abu Dhabi Securities Exchange General Index was little changed at 2,445.85.
Elsewhere in the region: Kuwait's index slipped 0.2 per cent to 5,884.10; Bahrain's benchmark was little changed at 1,147.10; Oman's MSM Index slipped 0.1 per cent to 5,532.36; and Qatar's QE Index declined 0.2 per cent to 8,376.31. The Saudi Tadawul All-Share Index declined 0.7 per cent to 6,106.74.
