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UAE markets recover

DUBAI — The UAE stock markets increased yesterday after a two-day nosedive this week, with Dubai's main index advancing 46.55, or 1.1 per cent, to 4,273.32 and the Abu Dhabi general benchmark rising 1.47 per cent to close at 3,480.37.

Emaar Properties and Dubai Financial Market, or DFM Co., paced the Dubai bourse, which traded over 215 million shares. Emaar, the Dubai-based developer of Burj Dubai, now the world's tallest building, advanced 1.86 per cent to Dh10.90 while DFM Co., the only publicly traded stock exchange in the region, rose one per cent to Dh3.

Global Investment House, which promotes investment opportunities in Kuwait to international investors through expert financial engineering, topped the Dubai Financial Market (DFM) General Index with a jump of 14 per cent to Dh11.40.

The other big gainers were Dubai Islamic Insurance, which rose 2.86 per cent to Dh25.10; Gulf General Investments, which advanced 2.2 per cent to Dh7.87; and Dubai Islamic Bank, which climbed 1.84 per cent to Dh9.94.

Arabian Scandinavian Insurance Co., which provides accidents and liabilities insurance services, was the only loser with a drop of 4.94 per cent to Dh4.04.

All indices on the Abu Dhabi bourse had gained, with the real estate index leading at 4.41 per cent to 846.67 points, followed by the energy index with an increase of 2.42 per cent to 323.76.

Emirates Insurance Co. led all other listed companies with a jump of 7.4 per cent to Dh10.90. Sharjah Islamic Bank advanced 6.1 per cent to Dh2.97 while Umm Al Qaiwain Cement Industries Co. climbed 6 per cent to Dh2.15, and Al Khazna Insurance Co. increased 5.6 per cent to Dh1.70.

The Abu Dhabi Securities Market (ADSM) Index only had three losers — Emirates Driving Co., which fell 8.14 per cent to Dh3.16; Abu Dhabi National Takaful Co., which declined 7.8 per cent to Dh5.21; and Qatar Telecom, which decreased 5 per cent to Dh237.10.