Dubai recovers from declines

Dubai stocks closed on a positive note yesterday after 11 straight days of losses, while the Saudi market was flat as investors held back from taking new positions ahead of announcements of second quarter company results.

The Dubai index inched up 0.2pc, recovering from a course of unbroken declines since it recorded a two-month high on June 12. Main support came from Union Properties which jumped 9.3pc and Dubai Commercial Bank which rose 5.0pc.

Drake & Scull (DSI) jumped 3.3pc to 0.75 dirhams ($0.20), reversing some of its earlier 5.3pc losses that sent the shares to 0.70 dirhams ($0.18), it’s lowest ever.

DSI shares have fallen in the past three sessions and are down nearly 67pc so far this year, as retail investors offloaded it amid concerns about its business outlook and an investigation into its former management team.

The company said in a bourse filing on Thursday that the recent sell-off of its shares was not related to any major news, but due to a financial institution selling shares of one of the investors under a previous financing agreement.