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Wed 2 Jun 2010 11:21 AM

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Dubai index rebounds to end higher

UPDATE 3: Deyaar shares climb 5.4% while Shuaa Capital stock ends 4.8% up, Abu Dhabi index up.

Dubai index rebounds to end higher
STOCK MARKET: Shares of the telecom operator dropped 1 percent in early trade. (Getty Images)

Dubai's index rebounded to end higher following Tuesday's five-month low as retail investors bought bluechips at low valuations.

The index ended 1.2 percent higher at 1,550 points. Developer Deyaar climbed 5.4 percent, while investment bank Shuaa Capital ended 4.8 percent higher.

"Today's rebound was more technical in nature. We had some retail traders buying in looking at technical levels in the market," said Chamel Fahmy, regional sales trader at Beltone Financial.

However, Fahmy cautioned that global cues like falling oil prices and developments in the euro zone may continue to weigh in on the markets in the short-term.

"Global factors are still having its impact and most of MENA (Middle East and North Africa) markets are strongly correlated and will continue unless we see some strong Q2 numbers coming in," he said.

Abu Dhabi's index slipped for the ninth straight session as banking shares continued their drop.

Emirates Telecommunications Corp (Etisalat) dropped 0.5 percent after confirming it is looking to buy a stake in an Indian mobile operator, following a report that it was in talks with India's Reliance Communications for a $3.8 billion deal.

Abu Dhabi Commercial Bank ended 1.8 percent lower, while Union National Bank dropped 2 percent. The index ended 0.1 percent lower at 2,550 points.

Qatar's index, which held up amid a regional sell-off on Tuesday, ended lower as investor sentiment dampened after oil prices fall for a third straight session.

Market heavyweight Industries Qatar and Qatar Gas Transport (Nakilat) ended 2.1 percent lower each, while Qatar Commercial Bank fell 1.5 percent.

Al Khaliji Commercial Bank dropped 2.8 percent after saying it launched merger talks with International Bank of Qatar.

The index ended 1.4 percent lower at 6,737 points.

Oman's index closed lower for the third straight session tracking weak global cues. Raysut Cement fell 3.7 percent, while Bank Dhofar ended 3 percent lower.

The benchmark fell 0.4 percent at 6,183 points.

Kuwait's index edged up for the second straight session, helped mainly by Commercial Bank of Kuwait (CBK) which gained 6.3 percent. The index ended 0.1 percent higher at 6,709 points. (Reuters)

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