Dubai bourse snaps three-day losing streak

Stocks in Dubai posted their first gains of the week yesterday, taking the headline index beyond 4,100.

The Dubai Financial Market General Index fell by 1 per cent in early trading before rallying in the afternoon to close up 1.12 per cent at 4,114.73, breaking a three-day run of losses.

Trading volumes on the DFM recovered after a thin day of trading on Tuesday, leading to speculation that both local and foreign investors are returning to the market.

“It may be that people think this mini-correction is now over and are ready to start buying again,” said Khaldoun Jaradat. “We’ll know soon if it’s sustainable or not.”

Gulf Navigation was the lead gainer on the index, its shares closing at a new high for the year of 38.4 fils, a daily increase of 6.37 per cent.

On the Nasdaq Dubai, DP World shares suffered their worst day since December, after the company announced it would hold a series of meetings with fixed income investors in the UK, US and UAE today for its first bond sale since 2007.

The port operator’s shares ended the day down 3.87 per cent at $22.11.

In the capital, the Abu Dhabi Securities Exchange General Index ended the day down 0.51 per cent at 4,566.00, with gains by Aldar Properties and Eshraq Properties offset by declines by FGB, Dana Gas and Union National Bank.

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