Dubai stock index rebounds into positive territory

Dubai’s main stock index rebounded into positive territory in the late morning on Monday after earlier plunging in response to the slide in global equity markets.

The main Dubai index was up 1.1 per cent at 3,488 points, after earlier been down as much as 6.1 per cent to 3,241 points, just above major technical support on its March low of 3,233 points. On Sunday, the index had dropped 7.0 per cent.

Real estate shares led the recovery with leading developer Emaar Properties gaining 1.8 per cent and DAMAC Properties rising 3.3 per cent.

Most other Gulf markets also turned positive after early falls, with Abu Dhabi climbing 0.7 per cent and Qatar edging up 0.1 per cent.