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Dubai, Abu Dhabi shares rise over 1 per cent each

DUBAI — The UAE markets have continued to bounce back as investors bought across the board on leading stocks, according to analysts yesterday.

Dubai's main index ended up 1.4 per cent at 5,534.66 while shares in Abu Dhabi rose 1.3 per cent to close at 4,321.87. The latter gained for the third day after it dropped up to 8.6 per cent since November 6.

The telecommunications sector in Dubai jumped seven per cent at 930.42 points while the materials and common staples sectors remained flat.

With 14,695 shares changing hands, the Dubai Financial Market (DFM) General Index posted volume of shares at 698.4 million with a value of Dh3.14 billion.

The value of shares in Emirates Integrated Telecommunications Co, also known as du, reached Dh534.7 million. The UAE's second telecoms firm with one million subscribers, du topped DFM with a rise of 6.9 per cent to Dh5.75.

Dubai National Insurance was also a big gainer with a climb of 4.8 per cent to Dh4.40 followed by Amlak Finance, the largest publicly listed finance company, which grew 3.5 per cent to Dh4.48.

Arabian Scandinavian Insurance was the biggest loser with a fall of 4.7 per cent to Dh2.42, Arab Insurance Group dropped 3.6 per cent to Dh3.26 and Gulf General Investments slid 2.3 per cent to Dh8.60.

The industrial sector in Abu Dhabi jumped 2.7 per cent at 2,299.32 followed by the real estate sector with a rise of 2.3 per cent at 1,298.85.