Rally in Asia does little to stir local stocks

Markets update: Markets settle in for the Eid Al Fitr holiday with languid trading and limp volumes, despite a rally in Asian stocks in early trading.

Traders settled in for the last few days of trading of the month with limp volumes across both markets ahead of their closure during Eid Al Fitr.

The UAE's markets are due to cease trading on August 30 to mark Eid Al Fitr, resuming the following Sunday, the Wam news agency reported.

The summer drought of market liquidity wore on in trading this morning, as thin volumes on the UAE's markets led to languid gains for local stocks.

The UAE's markets proved torpid and traded volumes slumped, with stocks on the Dubai Financial Market flat at 1,463.56, and Abu Dhabi's measure also unmoved at 2,570.72.

Shares in Dubai Financial Market, the emirate's stock exchange, were the most actively traded, rising 0.89 per cent to Dh1.13 a share in early trading before retreating. Air Arabia, Emaar Properties and Aldar were among the biggest movers elsewhere.

Asian stocks rebounded in the early hours of the morning, with the Nikkei 225 rising 1.22 per cent to 8,733.01, and the Hang Seng Index gaining 1.21 per cent to 19,721.97.

Oil resumed its rise, as Muammar Qaddafi's regime fought back against Libyan rebels entering Tripoli, sending Brent crude futures rising 33 cents to $109.19 per contract.

Gold peaked at $1,913.50 per troy ounce overnight, the latest record high for the yellow metal, but it has since withdrawn to $1,895.25.