Business | Markets
UAE indices continue gains
The UAE stock markets gained for a second day on Monday in line with global trends with the Abu Dhabi Securities Exchange (ADX) general index appreciating 2.15 per cent and Dubai Financial Market (DFM) index rising 2.95 per cent.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:55 October 21, 2008
- Omani MSM index on a see-saw trend
- Saudi market opens week with sharp fall
- Market volatility still major deciding factor
- Earnings poised to steal spotlight on Wall Street
- UAE stock market indices reverse trend
- US stocks mark roller-coaster week with huge climb and fall
- European stocks end week of steep rises, deep tumbles
Abu Dhabi: The UAE stock markets gained for a second day on Monday in line with global trends with the Abu Dhabi Securities Exchange (ADX) general index appreciating 2.15 per cent and Dubai Financial Market (DFM) index rising 2.95 per cent.
The Emirates Securities Market Index increased by 2.39 per cent to close at 4,090.20.
Of the 128 companies listed on the markets, shares of 48 companies advanced, whereas shares for 14 declined, and the rest remained unchanged.
The Emirates Securities And Commodities Authority (Esca), the UAE regulator of the Dubai and Abu Dhabi local stock markets, said that as of Monday, there was a Dh13.63 billion increase in market capitalisation, which currently stands at Dh583.55 billion.
The ADX general index closed at 3,520.96, while in Dubai the DFM index ended at 3,310.91.
In Abu Dhabi, more than 137.40 million shares changed hands with a total value exceeding Dh559.75 million.
Related Links
While Aldar Properties' shares were the most actively traded, First Gulf Bank was the day's main gainer on the ADX with its shares ending 9.57 per cent higher at Dh12.65. Ras Al Khaimah Ceramic was the day's main loser, with its shares falling 9.93 per cent to close at Dh2.63.
In Dubai, more than 358 million shares were traded on the DFM, whose combined value exceeded Dh1 billion.
Emaar on top
Emaar Properties came at the top of the most active companies by volume, with its shares gaining 6.12 per cent during the day to close at Dh5.90.
The top gainer for the day on DFM was Salam International, whose shares rose 15 per cent to close at Dh16.10. ENBD's shares declined the most on the market, falling 0.86 per cent to close at Dh6.94 a share.
"We need a certain stabilisation on the global markets for the current rally to be sustainable here," Dubai-based Rami Sidani, Head of Middle East Investment at Schroders Investment Management, told Gulf News.
"Our regional markets will outperform other emerging markets on the rebound, driven by strong fundamentals and heavy government spending," Sidani added.
More from Markets
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
