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UAE Market closure: September 18, 2007

UAE bourses bounced back reflecting the trend in global markets as the US Federal Reserve bailed out the insurance giant AIG with a $85 billion bailout package stemming the financial crisis for the moment.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 15:23 September 17, 2008
  • Gulf News

Dubai: UAE bourses bounced back reflecting the trend in global markets as the US Federal Reserve bailed out the insurance giant AIG with a $85 billion bailout package stemming the financial crisis for the moment.

Dubai Financial Market on Wednesday rallied with high trading volumes to bring to an end to five straight days of losses. Abu Dhabi posted gains for the second
day, though volumes declined.

The Dubai benchmark closed 2.29 per cent up to 4044.99 with value traded expanding 17. 11 per cent to Dh1.30 billion. All the highly liquid stocks such as Emaar Properties, Ajman Bank, Dubai Financial Market, Arabtec and Union properties posted gains. Emaar, the most liquid stock of the day with a turnover of Dh476.13 million, turned around to advance 1.96 per cent to close at Dh 7.27. Arabtec pushed higher to close at Dh12.15, eight per cent up. Union Properties also went up, gaining 6.53 per cent to Dh3.10.

In Abu Dhabi, the index closed 1.62 per cent up to 3831.59. though the turnover tumbled 44.70 per cent to Dh647.74 billion. Accumulation continued on Aldar Properties and Sorouh Real Estate, among the top three liquid stocks, gained 4.37 per cent to Dh7.35 and 3.24 per cent to Dh5.67 respectively. First Gulf Bank went down 0.94 per cent to Dh15.95 and Abu Dhabi Commercial Bank lost 4.97 per cent to Dh3.18. etisalat, UAE's largest telecom operator, advanced 3.83 per cent to end at Dh16.00.

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