Dubai: Both UAE stock markets gave the Dubai World debt restructuring deal a lukewarm welcome by closing marginally higher.
The Dubai Financial Market general index edged higher by 0.35 per cent to close at 1,691.71 points. Emaar Properties and Arabtec Holding were among the most traded stocks.
The Abu Dhabi Securities Exchange index closed 0.19 per cent higher at 2,780.63 points. RAK Bank and Aldar Properties were the most traded stocks.
Analysts expect that the clarity so far achieved in the Dubai World restructuring process will give the UAE markets a base on which to build future optimism.
Earlier, the stock indices of both Dubai and Abu Dhabi stock exchanges opened higher on Thursday after Dubai World said it has agreed payment terms with a majority of creditors over $23.5 billion of financial liabilities.
The Dubai Financial Market’s general index was up by 0.76 per cent at 10.45 am to 1,698.62 points, with as many as 15 stocks posting gains over Wednesday’s closing.
The optimism was led by Emaar Properties and Arabtec Holding, which is one of the companies expected to gain from the Dubai World and Nakheel debt restructuring.
The Abu Dhabi Securities Exchange general index was higher by 0.20 per cent at 10.45 am to 2,780.74 points. Abu Dhabi Commercial Bank and Abu Dhabi Islamic bank were among the top gainers.
