Dubai index rebounds, other markets flat

Dubai's index is the biggest gainer among Gulf Arab benchmarks, recouping some of its losses from the previous two days. Dubai is trading 1.7 percent higher at 1,804 points. "The overreaction yesterday wasn't justified," says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.

Stocks in Bahrain and Kuwait trade lower, while markets Qatar , Saudi Arabia and Oman are flat.

In Dubai, Union Properties is the only stock trading in the red as it falls 2.1 percent following concerns over its liquidity position. Index heavyweight Emaar Properties climbs 4.5 percent, clawing back some of its losses from the past two trading days.