Dubai's index rose to its highest in almost a week, led by Emaar Properties, as strong US economic data eased concern that the world's biggest economy is faltering.
Financial Fallout: Read The National's coverage of the global economic chaos
World view bleak but picture looks brighter in the Middle East Declines in markets are raising the likelihood of another global slowdown. If the world does lurch back into recession, economists say the MIddle East is in a better position to weather the economic storm. read article
Local tourism and retail at some risk Consumer spending is expected to remain buoyant across the Middle East should there be another economic slowdown across the world. Read article
UAE banks proactive on mortgages UAE lenders are starting to aggressively target homebuyers for the first time since US mortgage defaults sparked the 2008 global meltdown. read article
Asia may put GCC on slippery slope An economic slowdown threatens fuel demand, but Opec is likely to act if oil prices far too fall. read article
Small businesses can take shelter With the threat of a second global downturn looming large, both small businesses and investors have a lot to lose. read article
Threat to US and EU but Gulf set fair Financially, the region is in a better position to weather storms. read article
Emaar, developer of the world's tallest skyscraper, jumped 2.1 per cent to Dh2.82 a share. Dubai Investments rose 2.4 per cent to 79 fils a share. Dubai Financial Market Company, the only bourse in the Gulf to sell shares to the public, added 1.8 per cent to Dh1.13 a share.
Dubai's benchmark, the Dubai Financial Market General Index, rose 0.8 per cent to 1476.66 points, its highest since Aug 8.
A US report on friday showed retail sales climbed in July by the most in four months, up 0.5 per cent. The S&P 500 Index rallied 5.2 per cent in the final two days of the week, its biggest back to back gain since March 2009.
In the capital, Dana Gas jumped 3.7 per cent to 56 fils a share. Aldar Properties, builder of the Yas Island and Ferrari World, rose 2.5 per cent to Dh1.21a share. Sorouh Real Estate, Abu Dhabi's second biggest developer, was up 1.6 per cent to Dh1.20 a share. The Abu Dhabi Securities Exchange General Index was 0.3 per cent higher to 2598.29 points.
Elsewhere in the region, Kuwait's index was down 0.8 per cent to 5850.60 points. Bahrain's measure lost 0.4 per cent to 1266.37 points. Oman's benchmark gained 0.6 per cent to 5460.82 points. Qatar's index was up 0.6 per cent to 8160.06 points. The Saudi Tadawul All-Share Index was up 1.9 per cent to 6155.88 points.
halsayegh@thenational.ae