Business | Markets
UAE stock markets rally following Dubai announcement
Dubai's DFM index was up 4.31 per cent at close on Thursday at 1845.21 points
- By Arno Maierbrugger, Deputy Business Editor
- Published: 13:08 March 25, 2010
Dubai: Thursday’s announcement by the Dubai Government on the planned action to restructure Dubai World and Nakheel has caused the UAE stock markets to climb significantly.
Dubai’s DFM index was up 4.31 per cent at close today at 1845.21 points. Abu Dhabi climbed 1.12 per cent to 2903.92 points, and Dubai’s Nasdaq added 4.94 per cent to 1954.91.
Among the biggest gainers in Dubai were Emaar (up 8.82 per cent), Dubai Financial Market (up 7.78 per cent), and Arabtec (up 6.91 per cent). Among the lenders with big exposure to Dubai World, Emirates NBD gained 3.38 per cent.
In Abu Dhabi, RAKBank rose the most at 6.94 per cent, Abu Dhabi Commercial Bank, also a Dubai World lender, gained 5.76 per cent, and Sorouh Properties 6.75 per cent.
Nasdaq-listed DP World was up 4.17 per cent.
Nakheel’s bonds also soared on the restructuring announcement. Both the dirham and the dollar-denominated Islamic bonds climbed to their highest value since July 2008.
Related Links
More from Markets
More from Business
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
