MIDEAST STOCKS-Gulf rebounds as Turkish lira, emerging markets stabilise for now | Reuters:
Gulf stock prices rebounded modestly early on Tuesday from several days of falls, as investors were encouraged to buy back cautiously with the Turkish lira and other emerging markets regaining some stability for now.
Dubai’s stock index gained 0.6 percent as its top bank, Emirates NBD, added 1.2 percent. The bank, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, had tumbled 4.6 percent on Monday because of its Turkey exposure.
Loss-making builder Drake & Scull jumped 9.8 percent from a record low and was the market’s most heavily traded stock; it appointed Yousef Al Mulla as group chief executive, replacing Fadi Feghali who had taken the post only in April, and said it was devising a fresh restructuring plan that would be announced later.
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