UAE bourses mixed on US$600 billion QE2 news

05/11/2010 00:00 AST

UAE bourses were mixed on news that the US Federal Reserve will pour US$600 billion into the economy to ease unemployment and deflation.

The widely anticipated news led the Dubai Financial Market (DFM) General Index to tick 0.1 per cent higher to 1,737.72 points but the Abu Dhabi Securities Exchange to drop 0.4 per cent to 2,750.70 points, reversing early morning gains.

The US central bank said it would buy about $75 billion in longer-term Treasury bonds per month until the end of the second quarter of 2011. It said it would adjust the amount depending on the path of the recovery.

Emirates NBD, the largest UAE bank by assets, was one of the highest gainers in Dubai and rose 1.25 per cent to Dh3.25. Aramex reversed Wednesday's losses and gained 0.5 per cent to Dh2.05.

In Abu Dhabi, Aldar Properties, which lost its chief executive at the start of the week, maintained its downward trend and fell 0.8 per cent to Dh2.4. It was the most actively traded stock in the emirate.

Sorouh Real Estate fell 1.2 per cent to Dh1.69 and RAK Properties fell 2.04 per cent to Dh0.48.

Bourses were mostly up elsewhere in the region: Qatar gained 1.3 per cent to 7903.32; Bahrain gained 0.4 per cent to 1,465.62; Kuwait rose 0.09 per cent to 7,124.70 and Oman gained 0.3 per cent to 6,516.08. The Saudi Tadawul All-Share Index was closed for the day.


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