Business | Markets
Dubai stock market records biggest one-day gain ever
Dubai market ended 10.76 per cent higher at 3,703 points, posting its largest one-day gain in its lifetime for the second trading session in a row.
- Staff Report
- Published: 14:29 October 14, 2008
- Investor confidence gets big boost
- Record gains for Dubai stocks
- Cabinet approves buyback option
- US to pump $250 billion into its banks
- Japan's Nikkei soars more than 14%
- UAE eases rules on share buybacks
- Oman rules out market intervention
- Bahrain allays fears about fiscal system
- Qatar will buy key bank shares
Dubai: Dubai market ended 10.76 per cent higher at 3,703 points, posting its largest one-day gain in its lifetime for the second trading session in a row.
Real estate stocks led the gains, with Emaar Properties and Union Properties ending 14.92 per cent and 14.61 per cent higher respectively.
Recent losses means Emaar Properties is now Dubai's third-largest company by market capitalisation, with Mashreq Bank and Emirates NBD taking over the first two spots.
Construction firm Arabtec and mortgage lenders Tamweel and Amlak Finance all soared around 15 per cent.
In Abu Dhabi, Etisalat is the top gainer of the day, ending 9.8 per cent higher, but property stocks and banks also feature heavily among the bourse's biggest winners.
National Bank of Abu Dhabi, First Gulf Bank and Abu Dhabi Commercial Bank all ended around 10 per cent higher. Aldar Properties and Sorouh Real Estate ended 9.85 per cent and 9.94 per cent respectively.
The index ended 7.53 per cent higher at 3,602 points.
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