UAE bourses rebound despite bearish sentiment across the region

UAE bourses had a rare day of respite on Wednesday as shares made their first gains in several days.

Negative economic sentiment prevailed on other Arabian Gulf bourses however, which ended the day in the red.

The Dubai Financial Market General Index closed a volatile day of trade up 0.15 per cent at 3,833.30, breaking a five-day losing streak.

Deyaar Development and Dubai Financial Market were among the biggest gainers, rising by 2.1 per cent and 1.78 per cent respectively.

Drake and Scull International and Dubai Islamic bank led the losers, closing down 1.61 per cent and 0.69 per cent respectively.

In the capital, the Abu Dhabi Securities Exchange General Index snapped a six-day losing streak, closing up 0.7 per cent at 4,578.98.

Banking stocks led the recovery, with Union National Bank and FGB rising by 5.4 per cent and 1.7 per cent respectively.

Conversely, Arkan Building Material fell 10 per cent to 99 fils despite announcing a 129 per cent increase in profits for the second quarter.

There was no such respite for Saudi stocks however, which declined for the seventh day in a row over mounting concerns about the economic effect of low oil prices.

The Tadawul All Share Index closed down 2.5 per cent to 7,991.28, a new low for the year.

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