UAE non-oil private sector boom boosts stock market
With the UAE economic boom ‘in full flow’, according to HSBC chief economist Middle East and North Africa Simon Williams, the Dubai financial market general index (DFMGI) rose by 1.11 per cent to close at 5,171.95 points on Wednesday, September 3. The gauge gained 57 per cent year to date.
Earlier in the day, the British lender reported that the HSBC UAE PMI index, which reflects a snapshot of the country’s non-oil private sector, climbed, in August, to a record level at 58.4 points, up from 58.0 in July. HSBC said new businesses rush to the UAE, amid rising demand from abroad for UAE products and services and rising payrolls.
The shares of Emaar gained 2.21 per cent to hit AED11.55. Earlier in the day, the UAE’s biggest developer said those investors holding Emaar at the end of trading on September 10 will get a priority allotment in the listing of its subsidiary, Emaar Malls Group (EMG). The IPO shall be completed by October. On Sunday, Emaar announced it would float at least 15 per cent of EMG.
du lost the most, finishing 1.54 per cent lower at AED5.76.
Trading volumes remained low, as 343 million shares were traded valued at AED1 billion.