(MENAFN- Khaleej Times) Stock markets in the UAE ranked top in the Arab world as both bourses in the country witnessed the highest surge in capitalisation during the first 10 weeks of 2013 compared to other markets in the region.
UAE capital markets emerged as the star performers in the region in the first few weeks of 2013, with the markets of Abu Dhabi and Dubai gaining more than $4 billion to offset a decline in most other regional exchanges, according to the latest report by the Arab Monetary Fund, or AMF, on Arab stock markets.
"The UAE markets performed well this year and are expected to remain healthy this year because of good results recorded by most banks and other listed firms last year," Wam said, quoting a market analyst.
Only markets in Abu Dhabi, Dubai, Saudi Arabia and Oman have recorded increases in capitalisation since the start of 2013 but the bulk of the growth was in the UAE, the AMF said.
"Other reasons are a business upturn and a recent announcement by the government to pump massive funds into new projects," the analyst added.
The Abu Dhabi Securities Exchange witnessed the biggest rise in the region, with its market capitalisation surging from around $82.7 billion at the start of 2013 to $86.1 billion on March 10, according to the AMF. Dubai's market capitalisation grew from about $55.9 billion to $57.6 billion in the same period. This means the total increase in the UAE market capitalisation was $4.1 billion.
The figures showed that growth in UAE markets partly offset the decline in most other Arab bourses, with the combined capitalisation of the 14 official exchanges in the region edging down slightly from $966.9 billion to around $965 billion in the same period.
Saudi Arabia, which has the largest and busiest market in the Middle East, recovered to around $384 billion from $383.8 billion after falling in the previous week. Oman's Muscat Securities Market grew to $23.6 billion from $22.8 billion.
All other regional markets recorded declines during that period, with the biggest fall taking place in the Doha bourse, which shrank to $132.6 billion from $135.8 billion.
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