|10-13-2014, 01:47 PM||#1|
UAE stock markets rebound in early trade, Shuaa Capital soars
United Arab Emirates stock markets rebounded in early Monday trade, hoping to reverse Sunday’s heavy sell-off, with financials the top gainers.
Dubai’s main index, the Dubai Financial Market (DFM) picked up slightly from yesterday`s 6.5% slump, rising a soft 0.5% at 11:44 GST.
Shares in Shuaa Capital, the asset management and investment banking firm jumped 4.5% after reporting six-fold profits in the third quarter, propelling the banking sector on the Dubai Financial Market higher.
Abu Dhabi’s main index gained 0.33%. Heavyweight First Gulf Bank rose 1.41%.
Most of the regional markets were trading in the red territory Monday morning.
The haphazard sell-off which began on Sunday could be heading for an early end. UAE markets could return to winning ways on strong corporate performance and high cash flows.
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