QE2 news lifts UAE trading as bourses see gains

UAE bourses were buoyed at the start of the trading this morning on news that the US Federal Reserve will pour US$600 billion into the economy to ease unemployment and deflation.

The widely anticipated news led the Dubai Financial Market (DFM) General Index to gain 0.5 per cent to 1,744.08 points and the Abu Dhabi Securities Exchange to rise 0.1 per cent to 2,765.43 points.

The US central bank said it would buy about $75bn in longer-term Treasury bonds per month until the end of the second quarter of 2011. It said it would adjust the amount depending on the path of the recovery.

Goldman Sachs and other analysts had forecast quantitative easing measures to amount to as much US$2 trillion.

Emaar Properties was one of the highest gainers of the morning in Dubai and rose 1.07 per cent to Dh3.7. Ekttitab Holding reversed its early week gains and lost 1 per cent to Dh0.54.

Elsewhere in the region: Qatar gained 0.4 per cent to 7799.24; Bahrain slipped 0.01 per cent to 1,460.08; Kuwait lost 0.1 per cent to 7,107.60; and Oman was flat at 6,500.04.

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

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