UAE bourses enter 2009 above key supports

The UAE stock markets closed 2008 with mixed fortunes yesterday but Dubai and Abu Dhabi both enter the New Year above key support levels.

The Abu Dhabi Securities Exchange (ADX) was the star among the seven Gulf markets.

The Dubai Financial Market witnessed moderate trading and ended almost level with Tuesday's close. Bahrain and Kuwait also ended negative.

Gains in banking stocks pushed the ADX index up 34.52 points, or 1.47 per cent, taking it to 2,390.01.

Saudi Arabia and Qatar also saw gains, while Muscat was closed.

Turnover on the ADX was 71.7 million shares, for a total value of Dh156.3 million. "The market maintained above the critical support level of 2,344 points and we can see the corrective bounce continuing towards 2,369/2,383 levels. Bearishness can be seen below 2,307," said MAC Capital Advisors analyst Shiv Prakash.

The DFM retreated 3.05 points, or 0.19 per cent, to close at 1,636.29 points. Turnover was moderate as 157.7m shares changed hands for Dh216.6m.

The DFM saw strong buying at the start but profit-taking dragged it down. The DFM index enters the New Year above the support level of 1,550 points.