UAE stock markets advance by over 110% in 2005
The UAE stock market posted over 110 percent increase during 2005, boosted mainly by the service and insurance sectors. The market's year-end closing for 2005 was 6,839.9 points and the value of traded shares in that year amounted to US$ 228.7 billion.
The index for bank stocks went up by 107.9 percent during 2005, while that for the industry sector advanced by 4.5 percent, Kuna reported.
The market was able to lure liquidity from GCC investors, in particular Saudis. Market analysts project continuing increases for the UAE stock markets in 2006. The optimistic outlook is based on the fact that there is plenty of liquidity available in the hands of the investors, due to high oil prices.