Real estate shares lead Dubai rebound

Dubai’s shares recovered in early trade after last week’s sharp losses over worries of a U.S. military strike against Syria. (File photo: AFP)

Dubai’s shares rebound in early trade after last week’s sharp losses bring back bargain hunters, while other Gulf bourses also gain.

Dubai’s index rose 1.8 percent to 2,569 points. It lost 5.4 percent the previous week over worries of a U.S. military strike in Syria.

Bluechip Emaar Properties climbed 1.4 percent, while small-cap real estate stocks dominate trade; Union Properties and Deyaar Development add 6 and 7.3 percent respectively.

Abu Dhabi’s Aldar Properties leads the emirate’s recovery, rising 4.1 percent. The benchmark advanced 0.7 percent to 3,579 points, after posting losses in the last four sessions.

Catalysts such as an MSCI upgrade to its emerging index for UAE and Qatar underpin a bullish investor outlook for local markets, but analysts expect volatility in coming sessions as Syria jitters trigger bouts of profit-taking.

Elsewhere, Oman’s bourse and Kuwait’s index each climbed 0.3 percent.

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Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40
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