Emaar posts modest gains, market free fall ends

Real estate leader Emaar properties posted modest gains on Wednesday closing up 1.6 per cent up at Dh12.25. Other service sector firms, Aramex  and Amlak gained 1.3 per cent and 1.5 per cent, respectively.

Modest gains were posted for banking and services sector shares across the two bourses by the day's close, putting an end to a free fall of share prices that began on October 30, according to Khaleej Times.

After reporting a cumulative fall of 12.8 per cent during the past 8 trading days, Dubai Financial Market gained 1.2 per cent yesterday to close at 379.

Abu Dhabi index closed 0.51 per cent up at 3,138.76 as the national benchmark NBAD General Index gained 0.6 per cent to 10,553.

“The market is likely to remain very volatile as new issues continue to withdraw liquidity. The Dh1.6 billion DFM IPO which will open on November 12 will be a big drag on the market. In addition there are a number of new regional issues in the pipeline that will keep away GCC investors from the UAE market,” said one fund manager.