UAE Stockmarkets jumped; ADSM hopes to rebound

In a general assesment, United Arab Emirates stockmarket is doing well. It has even recorded a leaped of almost 140 points. Now, investors are confidently hoping for a positive outcome in the second queater. Specifically, the Dubai Financial Market General Index also recorded 1.53 percent increased in its stocks. On the other hand, the Abu Dhabi Securities Market has a negative record for three sessions.


The capital’s bourse increased by 1.27 per cent to 4,614 points, limiting its losses to 1.07 per cent since Sunday.

“With the start of the new month, there’s no pressure on brokerages to liquidate positions,” said Ayman El Saheb, Darahem Financial Brokerage director of operations.

“Some people took the initiative to start buying, but I strongly advise investors to learn from their mistakes and acquire stocks according to fundamentals, not rumour and speculation.

“Question marks remain over the market and the way it gained momentum yesterday was unexplained – there was no news to back it up.

“Perhaps people jumped the gun to lock in prices before institutions return to the market in a big way, but we can’t say for sure what drove the market up.”

Emaar was the prime driver of the UAE market renaissance, leaping 2.73 per cent to Dh11.25, with the property developer claiming more than a fifth of Dubai’s Dh1.32 billion turnover.

“The market found very strong support above 5,150 points after sliding downwards for some weeks on low volumes and a lack of positive news,” said Chahir Hosni, EFG-Hermes sales manager.

Dubai’s biggest three gainers were all insurance stocks, with Dubai Islamic top of the tree thanks to a near-maximum 14.83 per cent rise.

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