Dubai stocks recover slightly

DUBAI: Stock markets in the United Arab Emirates rebounded on Friday, with Dubai leading the recovery, driven by an increase in consumer staple and financial sector stocks.

Dubai’s main index closed 0.7 percent, reversing three consecutive days of declines, lifted by a 2.5 percent jump in Dubai Islamic Bank and a 6.8 percent surge in grocery supermarkets operator Spinney 1961 Holding.

The Dubai stock index may face further declines, but its strong fundamentals and the upcoming ALEC IPO could offer support down the line, according to Joseph Dahrieh, Managing Principal at Tickmill.

Abu Dhabi’s benchmark index broke a three-session losing streak with a 0.5 percent rise, lifted by gains in energy and banking stocks.