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UAE stocks recover
06 December 2009 07:51 am
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The Dubai and Abu Dhabi stock markets recovered on Sunday amid an apparent return of confidence.

After a four-day break, Dubai's DFM Index, which dropped 12.5 percent in two days of trading last week, closed at 1,853.13 points, 1.18 percent up from its closing on Tuesday, in a session of heavy fluctuations.

Abu Dhabi Securities Exchange, which shed 11.6 percent of its capitalization last week, closed 3.89 percent up at 2,673.12 points.

But as Abu Dhabi stocks firmed up, Dubai stocks appeared volatile with the index fluctuating from a 2.4 percent rise in the morning to a drop of around two percent into the red before recovering ahead of the close.

"The market did not expect this quick a recovery in Dubai ... This shows that many investors are now convinced the media campaign (about Dubai's debts) was exaggerated," said al-Fajr Securities financial analyst Humam al-Shamaa.

Sunday's trading indicates that UAE markets were stabilizing and investors returning.

The total value of DFM trading reached 836 million dirhams (228 million dollars), compared to a volume of only 37.5 million dirhams (10.2 million dollars) on Monday.

"Abu Dhabi has passed the difficult stage ... Dubai may still face a state of uncertainty," Shamaa said.

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