Business | Markets

Markets in UAE stage rally as Asian stocks respond to fed cut

Stock Markets in the UAE continue the upward trend started in Asia, as a positive response to the US decision to cut interest rates.

  • Agencies
  • Published: 10:48 January 23, 2008
  • Gulf News

  • The Abu Dhabi Securities Market was also in positive territory, posting a 4.3 per cent rise in the first hours of trading.
  • Image Credit: Hadrian Hernandez/Gulf News
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Abu Dhabi:UAE stocks recovered strongly, driving the Emirates Securities general index up by almost 8 per cent to 5884.96, restoring more than Dh59.6 billion of losses in a single day.

The general index in Dubai shot up by 10.45 per cent to 5755.21 on heavy trading worth more than Dh6.28 billion.

Emaar Properties maintained the position of the most traded share in terms of value, accounting for Dh1.87 billion worth of trading, and surging by more than 11 per cent to Dh13.55.

Most of the leading shares recorded double digits gains, especially those that were hit the most during the past week's severe downtrend.

Dubai Financial Market recovered 14.84 per cent to close at Dh5.03, Deyaar Development restored 14.71 per cent to end the session at Dh2.73, and Air Arabia recorded 14.61 per cent in gains to close at Dh14.61.

In Abu Dhabi, the recovery wave swept throughout the market, restoring the value of most of the listed companies by an average of 8 to 9 per cent.

The general index surged by 6.34 per cent to 4775.20, while the value of traded shares stood at Dh1.8 billion, bringing the total value of traded shares up to Dh8.14 billion.

The real estate and energy sectors recovered substantially, led by Aldar properties, which recovered 9.24 per cent to close at Dh10.40, and Dana Gas, which restored 8.57 per cent to close at Dh2.28.

The index's heavy weights, namely the National Bank of Abu Dhabi and etisalat, recorded substantial gains of 8.01 and 6.71 per cent to close at Dh23.60 and Dh23.05 respectively.

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