UAE shares rally as oil prices pick up

Dubai’s index dropped 0.7 per cent in the first hour of trade as Emaar Properties sank 2.2 per cent.

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UAE markets ended mixed on Wednesday, with Abu Dhabi rising 1 per cent and Dubai ending flat.

Shares rallied in afternoon trading on the back of a recovery in oil prices and European equities.

The Euro Stoxx 50 Index, which hit a two-and-a-half year low on Tuesday, rebounded strongly, trading up around 2.6 per cent. Banking shares across the continent rallied, after Deutsche Bank announced it was considering a bonds buy-back, allaying fears of increased credit risks across the continent.

Brent crude futures, which dropped sharply on Tuesday, recovered 2.7 per cent to around $31.12 per barrel in afternoon trading.

Banking stocks were the main gainers in Abu Dhabi.

FGB closed up 2.6 per cent at Dh11.60, while NBAD rose 2.2 per cent at Dh8.10.

The Abu Dhabi Securities Exchange General Index finished the day 1 per cent higher at 4,104.53, making it the region’s best performer.

The index in Dubai fell by more than 1 per cent in early trading, before staging a steady recovery to close 0.15 per cent lower at 3,060.00.

Emaar Properties and Dubai Investments finished down 1.2 and 1.1 per cent respectively.

Ajman Bank surged 8.6 per cent to Dh2.40, its highest close since May.

jeverington@thenational.ae

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