Relief for UAE markets after weeks of losses

The UAE’s two main indexes finished the week in positive territory for the first time in several weeks even as analysts warned that market volatility is far from over.

The Dubai Financial Market General Index ended the week up 1.4 per cent, its first weekly rise since the second half of July.

The index, however, was slightly down on the day, closing 0.1 per cent lower at 3,621.25, with gains in Emirates NBD and Emaar Malls cancelled out by falls by Emaar Properties and Arabtec.

Aramex ended the day up 1.5 per cent at Dh3.25 after the company confirmed that it was in discussions with Orascom Telecom in Egypt to build five logistics areas in a contract that may be worth as much as 1 billion Egyptian pounds (Dh470 million).

“The fact that we’re finishing ahead for the week doesn’t mean that much,” said Sanyalak Manibhandu, a research manager at NBAD Securities in Abu Dhabi.

“China’s done a bit better this week, which has lifted sentiment a bit. But stocks are still bumping along the bottom, and will be for a while.”

Abu Dhabi’s headline index broke a four-week losing streak, ending the week up 3.6 per cent at 4,537.56.

The index rose 0.8 per cent yesterday, with the heavyweight stocks Etisalat and FGB rising 1.3 per cent and 0.7 per cent, respectively.

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John Everington

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