UAE, Qatar shares continue cautious recovery

Stock markets in the UAE and Qatar edged up in early trade on Monday, continuing their recovery from last week's sharp decline, while other bourses in the region moved very little.

Dubai’s index rose 95 points, or 2.15 per cent, at 11am on Monday as heavyweight Emaar Properties added 2 per cent and dominated trading volume. Most stocks in the emirate posted gains, but analysts remained cautious.

“The rebound we’re experiencing is still linked to international markets’ performance, which puts it in jeopardy in case we see further weakness in international markets,” said Marwan Shurrab, fund manager and head of trading at Vision Investments in Dubai.

Markets across the region tumbled last week as Western equities fell on concerns about global economic growth. But a rebound in the US and European markets last Friday prompted a rally in the Middle East on Sunday.

Qatar’s benchmark edged up 0.4 per cent as Industries Qatar and Commercial Bank of Qatar added 1.3 per cent each and Islamic lender Masraf Al Rayan was up 0.6 per cent.

Abu Dhabi edged up 0.3 per cent while markets in Kuwait and Oman were nearly flat.

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