Abu Dhabi and Dubai stock markets opened stronger yesterday after heavy losses last week over Dubai’s debt woes, but the Dubai bourse remained volatile and had slipped back into the red by mid-morning.
The Abu Dhabi Securities Exchange, which shed 11.6 percent of its capitalization last week, opened up 3.9 percent and gained further ground in early trade to hit 2,686.47 points, up 4.4 percent, by mid-morning.
Dubai’s DFM index, which dropped 12.5 percent in two days of trading last week, opened up 0.5 percent, hit a peak of 1,873.36 points — up 2.4 percent — half an hour after trading resumed following a three day break, and then lost ground to be down 0.5 percent at 10:50am.
The shares of Dubai’s giant property developer, Emaar, which led the losers last week dropping by almost the maximum-allowed percentage of 10 percent, increased 3.5 percent, while Dubai Islamic Bank recovered more than 6 percent.
Emaar later went into red, dropping by just over 1 percent.
All Dubai’s indices for traded sectors were in the green at opening, except for banking, which was down by more than 1.4 percent. Real estate later went into red by 1.78 percent.
Abu Dhabi’s indices were up in all sectors.
The Kuwait Stock Exchange also traded up following a weekend break, increasing by 0.46 percent to 6,729.2 points.
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