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UAE markets recover partly after slump

Source: Gulf News – The UAE markets rebounded on Wednesday after the oil triggered slump as traders picked up bargains ahead of the new year.

The Dubai Financial Market General Index ended up 1.29 per cent at 3,774, recovering from the previous session’s more than 5 per cent decline.

The Abu Dhabi Securities Exchange General Index also ended up 1.91 per cent at 4,528.93.

Meanwhile, crude oil headed for the biggest annual decline since the global financial crisis as U.S. producers and the Organization of Petroleum Exporting Countries cede no ground in their battle for market share amid a supply glut.

This along with news that King Abdullah, 91, was admitted to hospital for “medical checks” triggering another round of selling. The Tadawul All Share Index fell as much as 5 per cent, before trading 3.18 per cent lower at 8,217.01.

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