Emaar Properties led a rebound in Dubai equities yesterday as the emirate’s headline index recovered most of the ground it had lost on Sunday.
Emaar, the heaviest-weighted stock on the Dubai bourse, recorded its largest one-day gain in more than nine weeks, rising 4.5 per cent to Dh6.48.
The rise came the day after the developer reported a 31 per cent rise in quarterly profit, falling short of analyst forecasts.
The Dubai Financial Market General Index closed up 1.8 per cent at 3,494.65.
Damac Properties and Union Properties were among the gainers, rising 4.1 and 3.7 per cent, respectively.
Aramex was one of a handful of equities to end in the red, closing down 0.6 per cent at Dh3.10.
Dubai’s recovery mirrored a similar rebound by Saudi Arabia’s Tadawul All Shares Index, which ended up 0.29% per cent after falling 1.1 per cent on Sunday.
The index in Abu Dhabi ended virtually unchanged at 4,299.11, with gains by Aldar Properties and RAK Bank cancelled out by ADCB and NBAD.
Abu Dhabi Islamic Bank finished up 1.1 per cent, after the Sharia-compliant lender announced a 5.5 per cent rise in third-quarter profit on Sunday.
jeverington@thenational.ae
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