Local markets

The Abu Dhabi Securities Exchange (ADX) general index rose 1.43 per cent yesterday on the back of remarks by a top Dubai government official that concerns over Dubai's debt had been overblown by world media, which the market viewed as a positive, and the shares rallied.

The rallyy was led by energy, real estate, banking and telecommunication stocks. The market's general index rose to 2,502.24.

"The Abu Dhabi market today moved upward on the news from Dubai, there were no internal triggers," Vikram Shetty, Fund Administrator with the National Bank of Abu Dhabi Asset Management, told Gulf News.

Yesterday, 150.70 million shares worth a combined Dh253.18 million were traded.

Of the 33 companies traded, 21 rose, while 10 fell and 2 remained unchanged. Abu Dhabi Ship Building was the top gainer, rising 10 per cent to close at Dh3.08. National Bank of Ras Al Khaimah was the top loser, falling 10 per cent to Dh4,05.

Aldar Properties was the most actively traded by value, while RAK Properties was the most active by volume.

— By Himendra Mohan Kumar, Staff Reporter

The Dubai Financial Market (DFM) index rebounded sharply yesterday, gaining as much as 7 per cent after a top Dubai government official said the world media had overblown Dubai's debt situation.

"Dubai default...Dubai debt meltdown...Dubai financial crisis... etc. It was inaccurate, it was unnecessary blind panic, it was a misunderstanding of the status of Dubai, which indeed is a centre of trade and economic activity, it was lack of knowledge of how much debt was the subject of the announcement and how it is related to the government debt," said Abdul Rahman Al Saleh, Director-General of the Department of Finance.

"Almost no country was in isolation from the ‘global storm'... " he said. Following Al Saleh's comment, investor confidence rose and concerns over Dubai World's debt restructuring eased, enabling buyers to buy the attractively valued shares.

The DFM index rose to 1,640.76 as bulls outpaced the bears and market heavyweight Emaar's stock climbed 14.84 per cent to Dh2.94.

"The strong rebound in the market also came on the back of an announcement that Emaar will not be merging with the other government-related real estate companies which are Sama Dubai, Dubai Properties and Tatweer," Rami Sidani, Head of Investments-Middle East and North Africa at Schroder Investment Management Limited, told Gulf News.

— By Himendra Mohan Kumar, Staff Reporter

The Abu Dhabi Securities Exchange (ADX) general index rose 1.43 per cent yesterday on the back of remarks from a top Dubai government official that concerns over Dubai's debt had been overblown by world media, which the market viewed as a positive and the shares rallied.

The rally on the ADX yesterday was led by energy, real estate, banking and telecommunication stocks.

The market's general index rose to 2,502.24 as investor confidence rose.

"The Abu Dhabi market today moved upward on the news from Dubai, there were no internal triggers," Vikram Shetty, Fund Administrator with the National Bank of Abu Dhabi Asset Management told Gulf News.

On Thursday, 150.70 million shares worth a combined Dh253.18 million were traded on the ADX.

Of the 33 companies whose stocks traded, 21 advanced, while 10 declined and 2 remained unchanged. Abu Dhabi Ship Building was the day's top gainer on ADX, its shares rising 10 per cent to Dh3.08 by the close of trading.

National Bank of Ras Al Khaimah was the day's top loser, its stock value declining 10 per cent to Dh4,05.

Aldar Properties' shares were the most actively traded by value yesterday on ADX, while RAK Properties' shares were the most active by volume.

By Himendra Mohan Kumar,Staff Reporter