Business News
Abu Dhabi market up, Dubai declines
Dec 6, 2009, 7:40 GMT
Dubai - Dubai's DFM Index lost 1.42 per cent in morning trading Sunday while in Abu Dhabi the markets surged ahead 4.24 per cent.
Both exchanges had been closed since Tuesday afternoon for a United Arab Emirates national holiday.
In Abu Dhabi, all major sectors were showing gains, particularly telecommunications and energy, and the index went up 109.04 points to 2,682.06 at noon.
Dubai, while briefly up during the first half hour, fell thereafter, and by midday was at 1,805.43.
In Qatar, the exchange was up, but just barely, moving 0.04 per cent into positive territory, and in Saudi Arabia the all-share index gained 0.57 per cent.
Last week, during two days of trading following the November 25 announcement that Dubai World would freeze payments on obligations, having racked up 59 billion dollars in liabilities, both UEA exchanges saw their values drop.
On Monday, Abu Dhabi lost 8.3 per cent followed by another 3.6 per cent declined on Tuesday. Dubai, tumbled 7.3 per cent and then another 5.6 per cent the following day.
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