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Dubai market rebounds 1.62%

In a technical reaction, investors lifted the DFM General Index to 1,630.16 points. Dubai-based telecom provider du posted the largest gain, closing 5.30% higher at Dhs3.18. Dubai Islamic Bank (DIB) surged 1.86% to reach Dhs2.19. Earlier in the day DIB announced the appointment of Ahmed Fathy Al Gebali as its new Chief Financial Officer (CFO). Traded value climbed 74% to Dhs197.44m, as 129.75m stocks changed hands. Twenty-two securities added value, two real estate firms (UPP and Deyaar Development) declined while one share closed unchanged.