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Wall Street rally helps UAE stocks pare Tuesday's losses

UAE stocks were back in positive territory yesterday after Tuesday's decline with Abu Dhabi gaining 0.74 per cent and Dubai 1.85 per cent.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 00:48 March 13, 2008
  • Gulf News

Abu Dhabi: UAE stocks were back in positive territory yesterday after Tuesday's decline with Abu Dhabi gaining 0.74 per cent and Dubai 1.85 per cent.

As a result, the Emirates Securities general index rose 1.34 per cent at the close of trading to 6,062.47 from 5,982.47 on Tuesday.

Analysts attributed the rise to Tuesday's rebound in US and European markets and strong fundamentals in the domestic markets, which helped boost investor confidence.

Investment banking sources say the UAE markets will continue to rise after mid-March as major companies come closer to reporting their first-quarter results.

The Abu Dhabi Securities Market (ADSM) general index rose to 4,764.76 from Tuesday's 4,729.84, while the Dubai Financial Market (DFM) index closed at 5,819.86, up from 5,714.23 on Tuesday. Shares valued at more than Dh954.10 million were traded on the ADSM, with the volume of shares traded exceeding 127.65 million.

Shares of RAK Properties were the most actively traded, while Emirates Driving Company was the day's main gainer with its shares closing 7.72 per cent higher at Dh6.

Abu Dhabi National Takaful was the biggest loser declining 2.86 per cent to Dh6.80. More than 347.62 million shares valued in excess of Dh1.85 billion were traded on the DFM.

Gulf Navigation was the most actively traded, followed by Emaar. Union Properties was the biggest gainer, rising 6.43 per cent to Dh4.80. Dubai Insurance was the main loser falling 1.64 per cent to Dh30.

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