UAE equities recovery holding up as oil price increases

UAE shares continued to recover ground yesterday, as oil prices edged up and Asian and European equities rose.

European stock markets climbed after the euro hit a seven-month low against the US dollar. Asian markets finished in positive territory, although the Shanghai Composite ended largely unchanged. Brent crude futures rose slightly in early trade to about US$44.67 a barrel.

The Dubai Financial Market General Index ended in positive territory for the second day in a row, closing up 0.49 per cent at 3,189.73.

Dubai Investments closed up 2.48 per cent at Dh2.07, while Emaar Properties rose 1.54 per cent to Dh5.94.

Drake and Scull International shares gained ground yesterday, after shedding more than 10 per cent of their value after posting disappointing third-quarter results on Sunday. The construction company’s shares ended the day up 4.13 per cent at 42.9 fils.

Shares in the capital enjoyed their biggest one-day rise in more than two months, closing up 1.48 per cent at 4,197.10. Etisalat shares rose 2.9 per cent to a new all-time high of Dh15.90, while Aldar Properties rose 4.61 per cent to Dh2.27.

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