UAE stock market slightly recovers following sharp losses

Published June 3rd, 2001 - 02:00 GMT

The stock exchange of the United Arab Emirates hit record lows last week, with trading volumes plunging 24 percent to 41 million dirhams ($11.2 million) compared to 53.8 million dirhams a week earlier.  

 

Prices sharply fell in early week trading, before recovering some of the losses towards the end of the week as supply dropped and demand increased, reported Reuters news agency. 

 

In the official Dubai and Abu Dhabi securities markets and in the OTC market, ten shares ended the week higher, ten closed lower and one remaining unchanged. Emaar Properties, trading in the Dubai Financial Market closed 1.25 dirhams lower at 18.05 dirhams, while Dubai Islamic Bank rose 20 fils to 16.50 dirhams. 

 

The National Bank of Abu Dhabi, trading in the Abu Dhabi Securities Market, closed on Thursday at 525 dirhams—11 dirhams higher— while al-Khazna Insurance fell one dirham to 119 dirhams.—(MENA Report) 

© 2001 Mena Report (www.menareport.com)


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