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Rise stocks, rise
And so they did. On Monday the DFM rose 8.18 percent. Rumors that Abu Dhabi is planning to take over some of Dubai’s assets might have something to do with it.
November 18, 2008 11:19 by kippreport
Stock markets in the UAE rose on Monday, giving hope to investors that prices may have finally hit the markets’ bottom. The Dubai Financial Market (DFM) rose 8.18 percent, while the capital’s market, the Abu Dhabi Exchange, rose by 3.3 percent. The rise was spurred by rumors that the UAE government may step in to finance critical stocks to avoid the riots seen in Kuwait.
Many investors believe Abu Dhabi will provide financial assistance to the home loan market and a number of Dubai’s high profile companies in exchange for equity. Another rumor Kipp has heard is that Abu Dhabi is planning to buy one of the following institutions: Emirates airlines, the Jumeirah Group or DIFX.
The rumors, however, have not been addressed, but they have nonetheless affected investors’ confidence positively. Emaar, which has been one of DFM’s biggest losers, rose 15 per cent yesterday, making a significant shift in investor s’ mood.
So far, the DFM fell 64 percent this year. A little positivity, albeit unfounded, is welcome. –DB