(MENAFN - Khaleej Times) UAE shares advanced on Wednesday after global markets returned to positive territory following the US government bailout of insurance giant American International Group Inc (AIG). The Dubai Financial Market (DFM) General Index recovered 2.3 per cent to close at 4,044.99 points, ending five days of losses. The Abu Dhabi Securities Exchange (ADX) General Index extended its gain, advancing 1.6 per cent at 3,831.59 points.
Rising 3.2 per cent, or 235.88 points, to close at 7,612.81, the real-estate sector led the main index's gain. At least 307.8 million shares valued at Dh1.3 billion traded on DFM, which saw 23 of the 25 companies advancing.
Union Properties, the Dubai-based real-estate developer that's building F1-themed parks, surged 6.5 per cent to Dh3.10 while the biggest real-estate developer in the Middle East, Emaar Properties, grew about two per cent to Dh7.27.
National Central Cooling Co, the UAE-based air-conditioning firm known as Tabreed, advanced 3.3 per cent to Dh1.55 as it named Karl Marietta new chief executive officer, replacing Dani Safi. It said in a statement that Safi will remain on the board and will serve as special advisor.
Arabtec Holding, the builder of the world's tallest tower in Dubai, rallied eight per cent to Dh12.15 while Ajman Bank increased 6.9 per cent to Dh2.65.
Oman & Emirates Investment Holding Co was flat at Dh4 on ADX as the Omani government lifted restrictions on national from other Gulf countries to own its shares. The investor in Oman and UAE ventures is awaiting approval from the UAE government on share ownership.
US stocks also rose on Wednesday, with the Standard & Poor's 500 Index rebounding from its lowest drop in seven years.
The bailout of AIG brought calm to the shell-shocked global markets after the bankruptcy of US's fourth-largest investment bank Lehman Brothers Holdings Inc and the takeover of Merrill Lynch & Co by the Bank of America Corp.