Business | Markets
UAE stocks rise to recoup over Dh9b loss in value
UAE markets reversed course on Tuesday, recovering Dh9.38 billion of the capital losses recorded since the beginning of the week.
- By Ahmed A. Elewa, Senior Reporter
- Published: 23:47 March 4, 2008
Abu Dhabi: UAE markets reversed course on Tuesday, recovering Dh9.38 billion of the capital losses recorded since the beginning of the week.
The Emirates Securities general index advanced by 1.18 per cent to 6,115.24, recording 1.65 per cent of gains since the beginning of the year. Nevertheless, the markets' barometer is still failing to accumulate more than two per cent of gains.
In Dubai, all the leading shares recovered tangibly led by Emaar Properties which retrieved 1.68 per cent to close at Dh12.10, and Dubai Financial Market (DFM) which advanced 1.18 per cent to Dh5.99.
The market's index added 1.38 per cent to its value to close at 5,857.34. The value of traded shares remained below average, and stood at Dh1.16 billion, indicating a condition of ease in the market ahead of the first quarter corporate financial disclosures.
In Abu Dhabi, a similar performance lifted the general index up by 1.1 per cent to 4,822.30 on moderate trading values totalling Dh870 million. The real estate and banking sector were also the catalysts of the uptrend there as well.
Sorouh Real Estate and Aldar Properties advanced by 2.62 and 1.83 per cent to Dh10.20 and Dh11.10 respectively. Sorouh is now only Dh260 million away from overtaking Aldar as the markets largest listed developer in terms of market capitalisation.
The National Bank of Abu Dhabi and etisalat ended the session in the black as well advancing 1.32 and 1.20 per cent to Dh23.05 and Dh25.25 respectively.
In other Gulf markets, Saudi Arabia's Tadawul All Share Index climbed two per cent to 10,030.04, ending a three-day decline. Qatar's Doha Securities Market Index gained 0.8 per cent. Saudi Basic Industries Corp rose for the first time in four days after shareholders approved its dividend plans.
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