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Dubai market jumps on QE3, IPO euphoria
- United Arab Emirates: Sunday, September 16 - 2012 at 14:00
The Dubai Financial Market General Index (DFMGI) reached a four-month high Sunday, advancing 1.42% to hit 1,596.27 points, up 1.42%. Shares the DFM, the only listed Arab bourse, gained the most, ending up 6.25% at Dhs1.02 amid record high turnover at the DFM. Last Thursday, the U. S. Fed announced the start of the long awaited Quantitative Easing (QE) 3 in order to stimulate the world's largest economy with additional liquidity. In addition, four firms have announced in the last two months to examine a going public in Dubai, among them Al Habtoor Group. Dubai has not seen any IPO since 2008. Emaar Properties, as the most liquid shares, added 3.17% to hit Dhs3.58. Shuaa Capital fell 3.80% to close as the top losing share of the day at Dhs0.611. Some 221m shares were traded, valued at Dhs273.4m.
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Gérard Al-Fil, Financial JournalistSunday, September 16 - 2012 at 14:00 UAE local time (GMT+4)
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