(MENAFN- Khaleej Times)Dubai Financial Market which had beaten a hasty retreat as a result of recent volatility and plunged 4.1 per cent in the two previous days was the top gainer on Thursday.
Dubai's benchmark DFM General Index rose 1.6 per cent to close at 3570.37 after a three-day losing streak. Property-related stocks were the main gainers with developer Emaar Properties up 3.72 per cent to close at Dh642 while Damac closed 3.29 per cent higher at Dh3.45. Mortgage lender Amlak Finance jumped 4.06 per cent to end at Dh2.05 and arabtec rising 2.73 per cent to Dh1.88. Abu Dhabi's market rose 1.0 per cent with gains across the board. Investor sentiment was also buoyed by the latest Purchasing Managers' Index. Non-oil business activity growth in the UAE's private sector accelerated in August to a six-month high. The seasonally adjusted Emirates NBD UAE Purchasing Managers' Index which covers manufacturing and services rose to 57.1 points last month from 55.8 in July. A level above 50 indicates expansion. The latest reading was indicative of a robust improvement in business conditions and pointed to a further acceleration in growth from the 22-month low seen at the end of second quarter. Du in Dubai and Abu Dhabi's UNB and Waha Capital were among only a handful of stocks to end the week in the black. Other Gulf markets moved little as the Brent oil price stabilised just above $50 per barrel. Indexes in Oman and Qatar were nearly flat while Kuwait slipped 0.1 per cent. Oil edged down on Thursday morning because of an unexpected build in US crude inventories and a stronger US dollar but Brent remained above $50 stronger than it was when most Gulf stock markets closed on Wednesday. Wall Street posted a near two per cent gain overnight and spread betters expect major European bourses to rise as well. -
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