Stock markets to close from Wednesday for Eid

07/09/2010 00:00 AST

Stock markets in the UAE will be closed starting Wednesday, September 8, for the Eid Al Fitr holiday, a spokesman for the domestic bourse regulator said on Monday, Reuters has reported.

Trading on the Dubai Financial Market and the Abu Dhabi Securities Exchange will resume on Sunday, September 12, or on Monday, September 13, depending on when Eid is announced, a Securities and Commodities Authority spokesman told Reuters.

As regards Sunday’s market performance, shares on Dubai Financial Market (DFM) continued their upward movement on the back of rise in Asian and European markets as well as upcoming Eid holidays, rising 30.79 points or 2 per cent to close at 1,568.88.

All sectoral indices ended positive with the real estate sector leading the gain.

Top gainers were DFM, Drake and Scull International, Arabtec, Hits Telecom, and Emaar, while Ajman Bank, Ekttitab, Al Salam Bank –Bahrain, DP World, and Gulf Navigation were the top losers.

The market volume also rose almost double from Sunday’s around 103 million to 204 million, while turnover moved up from Sunday’s Dh207 million to Dh393 million at the end of trading.

Out of 25 stocks traded, 20 advanced and five declined.

Abu Dhabi Securities Exchange (ADX) also closed 10.13 points up at 2,517.39, with all sectors except consumer and industrial, posting gains.

Trading volume also jumped from Sunday’s 59 million to 116 million, as did the value of shares traded that rose from Sunday’s Dh102 million to Dh184 million at the end of trading.

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