Shares in the UAE rose for the second day in a row, as European stocks began to shrug off the prospect of a rise in US interest rates.
The Euro Stoxx 50 was trading about 1.67 per cent higher yesterday afternoon, in spite of Brent futures falling to about US$47.80 a barrel before rising to $48.38.
The Dubai Financial Market General Index closed up 0.97 per cent at 3,247.60, thanks to a 3.09 per cent gain by Dubai Islamic Bank.
However, there was no respite for Emaar Properties, the index’s heaviest weighted stock, which closed down 0.66 per cent at Dh6.06.
Shares in Shuaa Capital continued their recent rise, closing up 5.43 per cent at 66 fils amid reports that majority shareholder Dubai Group will sell down its stake in the investment bank.
Shuaa’s shares are among the best performers on the Dubai bourse so far this year, having risen more than 60 per cent since the start of the year.
In the capital, the Abu Dhabi Securities Exchange General Index also finished higher, closing 0.56 per cent up at 4,222.16, thanks to a 0.58 per cent gain by Etisalat.
ADCB and ADIB were among the other main gainers, ending up 1.54 per cent and 0.82 per cent, respectively.
Shares in Saudi Arabia also shrugged off the fresh fall in oil prices to recover ground after Monday’s sell-off. The Tadawul All Share Index was up 0.77 per cent at 6,474.84.
jeverington@thenational.ae
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