Business | Markets
UAE stocks lead gainers in Gulf as markets open on a positive note
The two bourses in the UAE led the gainers in the Gulf stock markets on Monday, following a series of measures to try to ease the global financial crisis.
- Agencies
- Published: 11:11 October 13, 2008
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Dubai: The two bourses in the UAE led the gainers in the Gulf stock markets on Monday, following a series of measures to try to ease the global financial crisis.
Dubai is up 3.3 per cent and Abu Dhabi 4.7 per cent, after a government decision to guarantee deposits and savings and a pledge to protect the country's banking system.
The UAE finance ministry said on Monday that the guarantee also includes foreign banks operating in the country and is valid for three years.
Gulf stock markets have been on a roller-coaster ride as panicked investors sold off amid concern about the effect of the global financial meltdown in the region.
Among other markets on Monday, the Muscat Securities Market opened up 1.25 per cent, while the Kuwait Stock Exchange, the second biggest Arab bourse, was down just 0.16 per cent.
Since the start of last week, the Dubai Financial Market has shed almost 27 per cent, while the Saudi market plunged about 23 per cent.
Economists said investor confidence was also shattered because of the massive drop in oil prices, as crude earnings represent more than 80 per cent of revenue for the Arab states of the Gulf.
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