Wednesday 28 December 2011

MIDEAST STOCKS-UAE mkts rise in yr-end trade; most Gulf bourses up | Reuters

Dubai's index made its largest one-day gain in two months on Wednesday in what traders said appeared to be end-of-year window-dressing, as most regional markets edged higher.

Dubai's benchmark climbed 2.1 percent, up from Tuesday's seven-year low, supported mainly by Emaar Properties which rose 2.8 percent and heavyweight Emirates NBD which gained 3.7 percent. Illiquid stock Mashreq bank jumped 7.4 percent, in year-end sporadic trade.

"There wasn't a major reason for the shares to drop and it wasn't due to companies' performances but investor sentiment," said Marie Salem, equity trader at Al Mal Capital.

No comments:

Post a Comment