ID :
24637
Wed, 10/15/2008 - 17:12
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Shortlink :
https://oananews.org//node/24637
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Markets on recovery path
Dubai, Oct 15, 2008 (WAM) - The immediate implementation of the government's pledge to secure the banking sector by injecting Dh70 billion further enabled the markets to make an unprecedented gain of Dh46.85 billion
The Emirates Securities general index recorded its highest single-day gain, surging 8.30 per cent to 4315.33, recovering Dh46.85 billion, a significant portion of last week's losses of Dh130.5 billion.
"This demonstration only reflects that the government is standing firmly behind its banking system, and can only generate more confidence in the markets," Abdullah Al Turraifi, the chief executive officer of the Securities and Commodities Authority (SCA) said.
The general index at the Dubai Financial Market (DFM) hit yet another record high gain of 10.76 per cent to close at 3,703.34, while the value of trading stood at Dh2.27 billion.
Leading shares continued to revolve around the maximum limit up with investors reacting positively to the critical developments of the past two days, where companies were allowed to override buyback rules, and the liquidity started to flow into the banking system.
Emaar Properties continued to dominate the most traded share spot with more than Dh807 million worth of shares changing hands. The Dubai-based developer shot-up 14.92 per cent to Dh6.78.
Amlak Finance and Deyaar Development maintained the pace and recorded 14.96 per cent of gains each to close at Dh2.69 and Dh1.46 respectively.
"We are now seeing foreign liquidity reversing course and beginning to flow into the market," Al Turaifi said.
With many shares maintaining below fair or even book values, short-term prospects are staggering and investors continue rushing in to capture the opportunity, leaving no offers on the screen.
Other gainers on the stock market included Dubai Islamic Bank and Tamweel, both advancing 14.89 per cent to Dh5.94 and Dh3.01 respectively.
The Abu Dhabi Securities Exchange's benchmark index followed, recording 7.53 per cent worth of gains to close at 3,602.45.
The five leading banks surged by more than 9.8 per cent, lifting the banking sub-sector index up by 7.69 per cent.
Aldar Properties and Sorouh Real Estate surged 9.85 and 9.75 to close at Dh6.80 and Dh5.75 respectively.
In short, the upward correction is prevailing in most sectors, with the banking and real estate maintaining centre stage.
The Emirates Securities general index recorded its highest single-day gain, surging 8.30 per cent to 4315.33, recovering Dh46.85 billion, a significant portion of last week's losses of Dh130.5 billion.
"This demonstration only reflects that the government is standing firmly behind its banking system, and can only generate more confidence in the markets," Abdullah Al Turraifi, the chief executive officer of the Securities and Commodities Authority (SCA) said.
The general index at the Dubai Financial Market (DFM) hit yet another record high gain of 10.76 per cent to close at 3,703.34, while the value of trading stood at Dh2.27 billion.
Leading shares continued to revolve around the maximum limit up with investors reacting positively to the critical developments of the past two days, where companies were allowed to override buyback rules, and the liquidity started to flow into the banking system.
Emaar Properties continued to dominate the most traded share spot with more than Dh807 million worth of shares changing hands. The Dubai-based developer shot-up 14.92 per cent to Dh6.78.
Amlak Finance and Deyaar Development maintained the pace and recorded 14.96 per cent of gains each to close at Dh2.69 and Dh1.46 respectively.
"We are now seeing foreign liquidity reversing course and beginning to flow into the market," Al Turaifi said.
With many shares maintaining below fair or even book values, short-term prospects are staggering and investors continue rushing in to capture the opportunity, leaving no offers on the screen.
Other gainers on the stock market included Dubai Islamic Bank and Tamweel, both advancing 14.89 per cent to Dh5.94 and Dh3.01 respectively.
The Abu Dhabi Securities Exchange's benchmark index followed, recording 7.53 per cent worth of gains to close at 3,602.45.
The five leading banks surged by more than 9.8 per cent, lifting the banking sub-sector index up by 7.69 per cent.
Aldar Properties and Sorouh Real Estate surged 9.85 and 9.75 to close at Dh6.80 and Dh5.75 respectively.
In short, the upward correction is prevailing in most sectors, with the banking and real estate maintaining centre stage.
