UAE markets begin gradual recovery of 2008 losses

UAE markets will recover up to 20 per cent of their 2008 losses in the next few sessions, analysts said, after both exchanges edged higher yesterday on the first trading day of the year.

The Dubai and Abu Dhabi indices rebounded sharply to add 7.76 and 5.60 per cent, respectively. Dubai closed at 1,763.20 points and Abu Dhabi at 2,524.81 points.

Analysts expect the Dubai Financial Market will test its short-term resistance channel of 1,800-1,850 points within the next few sessions before it settles into sideways trading. The 1,800-point level is the historical bottom of the DFM.