Business | Markets
Dubai market pares losses on good buying support
The Dubai stock market rebounded while Abu Dhabi closed marginally lower yesterday with both the markets seeing good buying support.
- By Gaurav Ghose, Financial Features Editor
- Published: 23:39 August 27, 2008
Dubai: The Dubai stock market rebounded while Abu Dhabi closed marginally lower yesterday with both the markets seeing good buying support.
The Dubai Financial Market General Index gained 2.04 per cent to close at 4,802.38, ending five days of losses. The market turnover was Dh1.09 billion. Of the 28 stocks traded, 20 advanced, four declined and four remained unchanged.
Emaar jumped 5.67 per cent to Dh9.51. Tamweel rose 5.18 per cent to Dh5.89, Ajman Bank gained 4.84 per cent to Dh3.03 and Dubai Financial Market, was up 3.26 per cent to Dh3.80.
"The index formed a low of 4,662 and later on bargain buying closed higher at 4,802 points," said Shiv Prakash, equity investment technical analyst, Mac Sharaf Securities.
The Abu Dhabi Securities Exchange closed marginally lower, dropping 0.13 per cent to 4,359.66. The turnover was Dh728.16 million. Of the 39 stocks traded, 21 gained, 16 fell and two remained flat.
Good bargain was witnessed for real estate stocks such as Aldar and Sorouh, which closed 0.21 per cent and 0.28 per cent lower at Dh9.61 and Dh7.10.
"ADX took the support of 4,300 and found good buying support which made it close at 4,359," Prakash added.
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