DUBAI: Most Middle East stock markets became more stable yesterday, after plunging in previous days, as the price of oil recovered slightly. But fund managers said it was by no means clear that any sustained recovery of stock prices was starting.
Dubai’s stock index inched up 0.1 percent as most shares in the emirate gained. The market rose as much as 4.8 percent during the day before giving up almost all those gains by the end of the session.
Abu Dhabi and Oman also gave up all their intra-day gains and closed down 0.7 percent and 0.9 percent respectively.
Saudi Arabia’s benchmark, on the other hand, underperformed the region and dropped 2.6 percent as an initial recovery gave way to a fresh sell-off across the board. Reuters
