UAE markets track global gains

Stock markets in the Emirates rose yesterday, tracking a euphoric global market rally this weekend, after euro-zone officials took further steps to mitigate the debt crisis.

UAE stock markets rose yesterday, tracking a euphoric global market rally this weekend, after euro-zone officials took further steps to mitigate the debt crisis.

Property stocks led the gains in Dubai. Emaar Properties advanced 1.7 per cent to Dh2.85. Deyaar Development gained 2.4 per cent to reach 30 fils, while Union Properties rose 1.7 per cent to 41 fils a share.

The Dubai Financial Market General Index gained 0.7 per cent to hit 1462.52 points.

Euro-zone leaders on Friday agreed to allow their rescue fund to directly recapitalise debt stricken banks rather than going through governments, starting next year. Stockmarkets in the United States and Europe rallied more than 3 per cent following the news.

Local traders were disappointed that markets here did not see the same degree of gains.

"We saw some pick up activity, but not to the extent of the moves we saw abroad," said Marwan Shurrab, the chief trader at Dubai-based asset manager Gulfmena Investments.

"We are assuming that summer is playing a role and Ramadan approaching is affecting liquidity in the stock markets in the region."

The Abu Dhabi Securities Exchange General Index rose 0.5 per cent to 2460.09 points.

Elsewhere in the region, Kuwait's measure gained 1.1 per cent to reach 5854.70 points. Bahrain's index fell 0.5 per cent to 1120.35 points. Oman's MSM 30 Index slipped 0.5 per cent to 5661.24 points. Qatar's QE Index increased one per cent to 8206.91 points.

The Saudi Tadawul All-Share Index was little changed at6705.49.

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