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President Emmanuel Macron should have appointed a prime minister from their ranks, said the left-wing lawmakers
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DFM Reverses Loss; Emaar Rises
DUBAI — Dubai’s stocks reversed earlier losses as European markets gained, prompting investor speculation that a five-day drop in the benchmark index may be overdone.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, gained the most in more than a week and Emirates NBD PJSC, the United Arab Emirates’ biggest bank, advanced the most in two weeks.
The Dubai Financial Market General Index increased 0.8 per cent to 1,581.94. The index fell as much as 1.1 per cent earlier yesterday and lost 2.7 per cent this week. “Some short-term traders saw Europe trading up and felt the U.A.E. was oversold,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank.
There were “no obvious drivers to take the market up into the close.” Dubai’s measure has lost 12 per cent this year, almost twice as much as the MSCI Emerging Market Index.
European stocks rose as BASF SE pushed chemical makers higher and Royal Bank of Scotland Group Plc led a rally by banks. The Dow Jones Stoxx 600 Index rose as much as 0.3 per cent before Dubai’s market closed.
The measure lost 0.2 per cent at 3:28 p.m. in Dubai.
Trading volume in Dubai today was 55 per cent lower at 147 million shares compared with a six-month daily average. Emaar added 1.1 per cent to Dh2.88. Emirates NBD rose 2.9 per cent, the most since Feb. 11, to Dh2.5.
The Muscat Securities Market 30 Index lost 0.6 per cent and the Bahrain All Share Index dropped 0.9 per cent. Abu Dhabi’s index fell 0.7 per cent, while Qatar’s gauge gained 0.6 per cent. Kuwait’s market is closed for a holiday and Saudi Arabia’s is shut for the weekend.—
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