UAE edges up in early trade, volumes thin
Dubai, August 28, 2011
The UAE markets edged up in early trade on Sunday, tracking gains from world stocks, but volumes were muted as most traders stayed away ahead of the Eid Al Fitr holidays.
Emaar Properties led the advance in Dubai as it climbed 1.4 per cent in early trade. Builder Arabtec gained 0.7 per cent. Dubai' index added 0.2 per cent.
Property stocks led the rally in Abu Dhabi too, with developers Aldar Properties and Sorouh Real Estate adding 1.7 per cent each. The index rose 0.3 per cent.
World stocks rose one per cent and the dollar fell on Friday as Federal Reserve Chairman Ben Bernanke left the door open for future US economic stimulus.
Bernanke said the central bank's policy panel would meet for two days in September instead of one to discuss additional monetary stimulus, offering some hope to investors.
Oil prices also rose in choppy trade as Hurricane Irene targeted the US East Coast and traders weighed Bernanke's comments.
Most regional bourses will function for just two days this week, after which they close for an extended holiday to celebrate Eid Al Fitr.
'Lack of news, low volumes and Eid holiday would result in dull trading in the upcoming days for the rest of the regional markets,' said a note from CAPM Investments.
Saudi Arabia's bourse , the largest in the region, closed on August 25 for a 9-day religious holiday. The UAE and Qatar markets will close from Tuesday and reopen on September 4.-Reuters