Dubai stocks close 7pc higher

Dubai stocks close 7pc higher

Dubai's stock market closed 7.0 per cent higher on Thursday led by Emaar Properties after it called off a merger with state-owned entities.

By (Agencies)

Published: Thu 10 Dec 2009, 2:05 PM

Last updated: Thu 2 Apr 2015, 3:47 AM

At 0630 GMT, the Dubai Financial Market index was trading down 4.03 percent, or 61.8 percent, at 1,471.54 points, after it had slightly recovered by 0.4 percent at open.

The market recovered losses later to 2.17 percent, or 33.26 points down, to 1,500.10 points.

Emaar also saw its leading shares dropping by almost the maximum-allowed limit down of 10 percent. Union Properties was also down by over 7.0 percent, while Emirates NBD bank dropped five percent.

In Abu Dhabi, the market was trading down by 1.33 percent at 2,434.24 points, with the construction and real estate sectors leading the drop by 3.06 percent and 2.94 percent respectively.

In Qatar, the stock market recovered Thursday by 1.22 percent after dropping 1.99 percent on Wednesday.

The Kuwait Stock Exchange was down 0.1 percent around midday, while the Saudi market is shut for the weekend.

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