Dubai stock market rebounds slightly, most of Gulf quiet

Big 5

The Dubai stock market inched up early on Wednesday after sinking to a 34-month low in the last session, while most major Gulf markets were little changed.

The Dubai index, which had lost 1.0 percent on Tuesday, added 0.4 percent on Wednesday morning with the emirate’s largest lender, Emirates NBD, rising 2.1 percent.

But developer Union Properties, which has been hit by Dubai’s weak real estate market, dived to a new 34-month low, dropping 7.0 percent.

The Saudi Arabia index inched up 0.2 percent with telecommunications operator Zain Saudi Arabia climbing 4.1 percent after agreeing to sell its tower infrastructure for 2.43 billion riyals ($647.7 million).

But builder Abdullah Abdul Mohsin Al Khodari Sons lost 2.5 percent after shareholders voted down a capital increase of up to 566 million riyals ($151 million).

The Abu Dhabi index lost 0.4 percent with First Abu Dhabi Bank, the largest lender in the United Arab Emirates, slipping 0.7 percent and Abu Dhabi Commercial Bank shedding 1.1 percent.

Source: Reuters