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09 December 2023

Dubai, Abu Dhabi bourses bounce back strongly

By Reuters

Dubai and Abu Dhabi's bourses bounced over 4 per cent as the markets opened on Sunday, joining the global stock markets rally after oil prices rocketed.

Dubai’s index rebounded 6.4 per cent in the opening minutes of trade. Arabtec and Emaar Properties jumped 10.9 and 8.5 per cent, respectively.

Abu Dhabi's benchmark jumped 4.2 per cent, trimming its losses to 9.4 per cent this year.

Blue-chip lenders National Bank of Abu Dhabi and First Gulf Bank, which will start reporting earnings from end of this week, rocketed over 7 per cent. Dana Gas surged 10 per cent.