#Dubai index records a last gasp recovery to end volatile week

Dubai index records a last gasp recovery to end volatile week:

Emaar Properties weighed on investor sentiments for the most part of Thursday on the Dubai index, until the final hour of trade, when the gauge saw a sharp recovery. The Dubai Financial Market general index closed 0.10 per cent lower at 2,514.36, recovering from a low of 2,501.20.

The developer closed 0.48 per cent lower at Dh4.11, after hitting a low of Dh3.85. Its other unit, Emaar Development, closed 1.32 per cent lower at Dh3.75, while Emaar Malls was steady at Dh1.57. “Investors have not shied away from displaying their concerns as selling resumes on Emaar Malls, Emaar’s retail arm, which despite superior results and multiple calls to “buy” maintains a downtrend,” Issam Kassabieh, Senior Financial Analyst at Menacorp said.

Emaar Properties has been one of the worst performing stocks with shares losing nearly 40 per cent of its value. Among other stocks, Dubai Islamic Bank closed 0.39 per cent higher at Dh5.14, while DP World closed more than 2 per cent lower at $16.09. Aramex was nearly 1 per cent lower at Dh4.05. Banks again came to the rescue on the Abu Dhabi index, which closed 0.97 per cent higher at 5,019.16.