UAE markets jump, erase recent losses

UAE shares rebounded strongly on Tuesday after bellwether stock Emaar Properties received a ?buy? against its earlier ?neutral? rating from Egyptian investment bank EFG-Hermes, which raised its 12-month target price to Dh10.1? from Dh6, a jump of almost 68 per cent.

The share price of the region?s biggest property developer surged the most in more than four months, climbing 6.32 per cent to end at Dh8.24.

Dubai?s benchmark stock gauge DFM General Index rose 3.23 per cent to 3,805.16, almost erasing the loss of the previous two days. In the capital, the ADX General Index was up 1.28 per cent to 4,585.81.

?Our bullish stance is underpinned by the MSCI inclusion and exuberance around Expo 2020,? analysts Jan Pawel Hasman and Kareem Ghaly wrote in a research note on Tuesday.

via UAE markets jump, erase recent losses |