Market wrap On the Dubai Financial Market (DFM), every stock except one, Gulf General Investment Co, ended the day with gains.
Investors paint the town green
The trading ticker was a sea of green, with more than 90 per cent of UAE stocks ending in positive territory as investors cheered news of the Dubai World debt proposal. On the Dubai Financial Market (DFM), every stock except one, Gulf General Investment Co, ended the day with gains. The total volume for the UAE bourses reached Dh2 billion, more than three times the average volumes earlier in the week.
It was the rare day when almost everyone came out a winner. The exception was "any investor who sold yesterday", said Eyad Abdulnabi, the chief operating officer of Al Ramz Securities in Abu Dhabi. The DFM General Index rose 4.3 per cent to 1,845.21. Emaar Properties jumped 4 per cent in the first minute after the Dubai World proposal was released, and reached its 10 per cent ceiling before closing 8.8 per cent higher at Dh4.07 a share.
Shares in DFM climbed 7.7 per cent to Dh1.94 each. Arabtec Construction, one of Nakheel's biggest creditors, rose 6.9 per cent to Dh2.32 a share. The NASDAQ Dubai index rose 4.9 per cent to 1,954.91. The Dubai World news was also a boon for the Abu Dhabi Securities Exchange General Index, which rose 1.1 per cent to 2,903.92. Aldar Properties rose 5.3 per cent to Dh4.32. Dana Gas shares were traded in the highest volume as they ended the day 3.4 per cent higher at Dh0.91 a share.
Elsewhere in the region, the Kuwait Stock Exchange index rose 0.3 per cent, while Bahrain's measure fell 0.2 per cent. The bourses in Qatar and Muscat gained 0.5 per cent and 0.06 per cent, respectively. The Saudi Tadawul was closed for the day. @Email:firstname.lastname@example.org email@example.com