Abu Dhabi: UAE stock markets rebound sharply on Dubai World's debt restructuring talks reaching a positive outcome last week and due to global stock markets not losing their upward momentum despite underlying fears of recession staging a comeback in world economy.
The Dubai Financial Market (DFM) index closed on Monday 2.43 per cent higher at 1,630.85, with gains led by stocks of real estate major Emaar, DFM, Arabtec, DP World, Dubai Islamic Bank and du. Around 239.28 million shares on the market were traded which were cumulatively worth about Dh437.81 million.
In Abu Dhabi, the Abu Dhabi Securities Exchange (ADX) general index closed 1.36 per cent higher at 2,566.56 with gains led by consumer, real estate, banking, energy and telecommunication stocks. All of the market's sub-indexes were back in the green.
Shares of real estate major Aldar Properties rose 2.08 per cent to Dh2.44, while shares of Sorouh Real Estate were up 3.57 per cent to Dh1.73. About 39 million shares of Aldar, cumulatively worth Dh95.74 million were traded on the ADX yesterday. Overall, around 117.59 million shares cumulatively worth Dh217.58 million were traded in Abu Dhabi.
Market analysts say the region's bourses are poised to go higher still in the days ahead because of some attractive share valuations and third quarter company earnings looming on the horizon. Investors are viewing the current situation as an attractive opportunity to make gains as there are limited downside risks.
