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UAE markets rise slightly in light volumes
The UAE stock markets rose slightly in light volumes after they opened following a nine-day holiday, only to go into the weekend after a day's trading.
- By Gaurav Ghose, Financial Features Editor
- Published: 23:41 December 11, 2008
Dubai: The UAE stock markets rose slightly in light volumes after they opened following a nine-day holiday, only to go into the weekend after a day's trading.
It was a quiet day with many still away and expected to be back only on Sunday. It was mostly local retail investors trading and, across both, stock worth just Dh306.31 million was traded. There were 28 rises and 24 declines. Four remained unchanged.
In the capital, the benchmark Abu Dhabi Securities Exchange Index closed up 0.09 per cent at 2,756.93. The Dubai Financial Market General Index gained 0.63 per cent to end at 1,987.26.
There was some rapid buying by local retail investors at the start and early part, but sell-offs in the second half considerably erased the gains of early trading.
"The sentiment is still weak," said Mousa Haddad, head of trade, discretionary mandate, National Bank of Abu Dhabi. "But there are some stocks which are starting to give some good figures - Emaar is one that is giving good signals."
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