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AME Info | Finance and Economy
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UAE markets end lower
The Dubai Financial Market on Thursday lost 40.90 points, or 1.99%, to close on 2,012. The day's biggest losses were posted by the Dubai Financial Market company and Ajman Bank, which lost 7.45% and 6.96%, respectively. Meanwhile, the Abu Dhabi Securities Exchange fell 47.20 points, or 1.64%, to end the day on 2,833.
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Oman plans $390m fund to support market
Oman is planning to set up a $390m investment fund backed by the government and other investors to support the Muscat Stock Market, which has lost a third of its value this year, reported Oman Daily. The fund may be announced next week, the newspaper reported.
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US stocks tumble
US stocks plunged on Wednesday amid ongoing fears about the economy and the future of the auto industry, with the Dow Jones industrial average closing below 8,000 for the first time since March 2003. The Dow shed 427 points to close down about 5.1%.
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UAE stocks end flat
The Dubai Financial Market on Wednesday gained 20 points, or 0.98%, to close on 2,053. Market heavyweights Arabtec and Emaar gained 7.94% and 3.03%, respectively. The Abu Dhabi Securities Exchange also ended flat, gaining 3.03 points.
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UAE gov't plans no cash injection into markets
The UAE's Minister of Economy Sultan Al-Mansouri said the government has no plans to inject money into the country's ailing stock markets, reported The National. The UAE is a 'free market and we are going to keep it open', Al-Mansouri said, adding that 'we are not going to make the same mistakes that other economies have done'. Dubai's main index has fallen more than 65% this year, while Abu Dhabi's is down more than 37%.
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