Dubai: Shares in Dubai and other Gulf markets surged on Sunday, leading to a strong recovery in the region.
The share revival followed a US stock rally on Friday following the $700 billion US government bailout plan announced to rescue leading banks and finance companies holding potentially spurious mortgage assets.
After losing about Dh50 billion in market capitalisation last week, the Dubai Financial Market posted a gain of Dh14.15 billion and the Abu Dhabi market jumped Dh19.46 billion. The combined gain was Dh33.61 billion on Sunday.
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