UAE shares still on recovery path

by ArabianBusiness.com staff writer Thursday, 07 December 2006

The UAE stockmarkets continued to rally today, with the new Dubai Financial Market General Index up by 2.09% - its third consecutive rise this week – and the Abu Dhabi Securities Market up by 1.40%.

The DFMGI closed up at 4,238.97, with shares worth over AED1.2billion being traded, much higher than earlier in the week.
Emaar accounted for almost half the trading by value, and shares in the company closed up by 3.75%. The company today unveiled a substantial chunk of the Old Town residential complex. Potential purchasers can register and arrange finance from tomorrow, December 8. It’s the first part of the $20bn Downtown Burj Dubai development to come on stream.

Some analysts suggested that the slight rally on the DFMGI could have been due to the imminent return of excess funds to investors in the heavily oversubscribed IPO in the exchange itself. Excess funds are due to be returned to investors on December 10.

The ADSM index was up by 1.40%, breaking through the 3,000 barrier with a close of 3,017.97. The energy and industrial indices reported the most significant gains.



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