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Markets Rejoice after UAE Bank Moves
DUBAI - Stock markets in the UAE rebounded on Monday following a series of measures taken by the federal government to cushion the impact of a deepening global financial crisis.
The Dubai Financial Market (DFM) Index surged 10.53 per cent to 3,343.56 points, while the Abu Dhabi Securities Market (ADX), ended up 6.92 per cent at 3,350.22 points on Monday.
The rises came close on the heels of a government decision to guarantee deposits and savings and a pledge to protect the country’s banking system from credit risk.
Monday’s rally was driven mainly by the real estate sector, which leapt 14.90 per cent, and the banking sector, which rose by 6.13 per cent in
Emaar shares jumped the most on record, up 15 per cent, to close at Dh5.90, National Bank of
Early on Monday, the UAE Finance Ministry said it would extend the guarantee on bank deposits for a period of three years.
The move would include deposits at foreign banks which have significant operations in the country.
The government on Sunday had also promised to provide guarantees on lending, including between banks operating in the country.
“This positive move by the government has instilled new confidence in investors and traders, and has provided the much-needed filip to the markets,” said Vyas Jayabhanu, head of Al Dhafra Financial Broker. “We witnessed certain buoyancy in the market after a very long time.
“From a market perspective, hopefully this rally will continue if the governments across the world continue giving good news and support,” said P. Krishnamurthy, CEO of Dubai International Securities.
“The liquidity tap has been opened up, and the lingering scepticism about the country’s financial system appears to be over following the government’s bold initiatives,” he said.
Analysts said the rally on the UAE bourses was broad-based. On the DFM, 90 per cent of the 33 traded scripts were in the green. On the ADX, 92 per cent of the 42 traded scripts traded higher.
Elsewhere in the Gulf region all markets, except
The Saudi market, the largest in the Arab world, soared 9.47 per cent on Monday to 6365.23. In
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