Stocks in late rally for quarter

Dubai's market sees a strong end to a turbulent quarter for the Middle East, while Abu Dhabi stocks make muted gains.

UAE stocks have fallen in a turbulent quarter for the Middle East, but a strong rally last month limited the losses for Dubai companies as traders looked to the emirate as a haven from the region's troubles.

Yesterday, the Dubai Financial Market (DFM) General Index rose 0.85 per cent to 1,556.04, ending the quarter down 4.57 per cent. Volumes were Dh254.8 million, compared with 50-day average of Dh159.9m.

"It was a sizeable breakout," said Vyas Jayabhanu, the head of investments at Al Dhafra Financial Broker. "Volumes were not bad but at the same time it's not positive for the trend to continue."

Meanwhile, the Abu Dhabi Securities Exchange (ADX) General Index fell 0.98 per cent to 2,607.12, ending the quarter down 4.15 per cent.

Although both indexes closed the quarter in negative territory, the onset of spring has brought a rebound for both markets.

The DFM's measure has gained 10.3 per cent since the end of February, while the ADX increased 0.7 per cent in the same period.

Emaar was a big gainer on the Dubai market, rising 2.87 per cent to Dh3.23, after shareholder intervention at the developer's annual meeting this week.

The rise also came after reports, denied by Emaar, that it is preparing to exit the joint venture in India that drew controversy over facilities built for the Commonwealth Games in Delhi.

Dragging on the ADX measure was Etisalat, which lost 3.67 per cent to Dh10.50 a share.

The telecoms company said on Wednesday it would not bid for a mobile licence in Syria despite having earlier qualified to take part in the process.