Dubai, Abu Dhabi shares rally following bailout news
Stocks on Monday rose in the UAE as Abu Dhabi provided $10 billion to avert a default by Dubai’s Nakheel PJSC. The Dubai Financial Market General Index climbed by 10.37 percent to 1,871.20 points - the highest level this month. Emaar stock jumped by 14.97 percent while Air Arabia share rose by 14.61 percent.
Abu Dhabi’s ADX General Index advanced 7.93 percent for the biggest gain since May 2006. The Banking sector climbed by 7.69 percent. The shares of First Gulf Bank rose the most - 10 percent - to close at Dh15.95 (US$4.36).