DFM moves upwards on UAE property strength

11/06/2009 - Dubai Property News
DFM moves upwards on UAE property strength

Major players in the UAE property market helped the Dubai Financial Market (DFM) to move towards the 2,100 mark, with the bourse closing just two points short of the symbolic milestone.

Emirates Business reports that the gains made by a number of UAE property groups today (June 11th) were also matched in the banking sector, with the Abu Dhabi market also rising on the strength of the National Bank of Abu Dhabi.

The news resource also cited a ministerial committee which has concluded that banks throughout the UAE are stable and the liquidity position in the wider financial market is strong.

Meanwhile, two UAE property groups on the DFM were boosted by the announcement that Deutsche Bank has held their ratings.

The gains made today extend the DFM's year-high, after it breached the 2,000 mark yesterday.

Mohammed Yasin, Shuaa Securities chief executive, told Emirates Business that the next target will be 2,150.ADNFCR-2019-ID-19214895-ADNFCR