DFM up on speculation overdone

Dubai’s benchmark stock index rose on speculation the decline in the past eight days was overdone given higher first-quarter earnings and before Dubai Financial Market PJSC reported results.

By Bloomberg (UAE stock markets)

Published: Tue 8 May 2012, 11:13 PM

Last updated: Tue 7 Apr 2015, 12:55 PM

Air Arabia, the Middle East’s biggest discount airline, gained the most in more than a month after posting a 12 per cent profit increase.

Dubai Financial Market, the only publicly traded Gulf Arab stock market, climbed 1.9 per cent. The DFM General Index rose 0.3 per cent, the first gain since April 24, to 1,564.15 at close. The measure slumped 6.6 per cent in the eight days through yesterday. While Abu Dhabi’s ADX General Index slipped 0.3 per cent to 2,487.84 points.

The MSCI Emerging Markets Index tumbled 1.3 per cent at 1:36 p.m. in London.

Oman’s MSM 30 Index fell one per cent, Saudi Arabia’s Tadawul All Share Index slipped 0.3 per cent. Qatar’s QE Index dropped 0.4 per cent and Bahrain’s gauge retreated less than 0.1 per cent. Kuwait’s measure gained 0.3 per cent. 

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