UAE shares up as UK exit fears ease

Gulf shares rose on Tuesday as investors warmed to signs of increasing support among British voters to remain in the EU in the referendum on Thursday.

The pound held on to its record gains of Monday, advancing against the dollar. UK and other European shares fluctuated but ended the day in positive territory. Earlier, the Nikkei in Tokyo gained 1.28 per cent.

Brent crude futures were down in afternoon trading.

Shares in Dubai were largely unchanged during morning trading, but ended a quiet day in positive territory thanks to late gains by Dubai Islamic Bank.

The Dubai Financial Market Index ended up 1.13 per cent at 3,343.43, with Emaar Properties and Dubai Parks also gaining.

Shares in GFH ended 0.72 per cent higher at 83.8 fils, after the Bahraini investment group announced plans for the launch of a new GFH real estate unit, with initial assets and capital of US$40 million, to consolidate its property portfolio.

The Abu Dhabi Securities Exchange General Index ended the day half a per cent higher at 4,503.49, as a rally in banking stocks slowed.

Shares in NBAD, which gained 20 per cent during the first two days of the week on news of a potential merger with FGB, ended the day down 1.67 per cent at Dh9.44. Shares in FGB were unchanged at Dh12.65.

Etisalat and ADCB were the main gainers in the capital, closing up 0.53 per cent and 2.15 per cent, respectively.

Elsewhere in the region, Saudi Arabia’s Tadawul All Share Index closed nearly flat, while the Qatar Exchange rose 0.96 per cent.

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