The UAE stock markets have witnessed a very challenging period in the backdrop of liquidity crunch and the uncertain economic market scenario in 2009 by reporting modest gains despite volatile market conditions due to global financial crisis.

The Dubai Financial Market (DFM) general index closed at 1,828.63 points yesterday, reporting a year-to-date gain of 11.75 per cent with a net rise of 192.34 points, registering two listings Drake & Scull International (DSI) and HITS Telecom during the year.

Abu Dhabi Securities Exchange (ADX), however, remained insulated to very large fluctuations as compared to the DFM, adding 337.87 points for the year to close at 2,727.88 points. Dubai's bourse reported a low of 1,433.14 on February 5 and a high of 2,373.37 on October 14, against the negative forecast of market analysts.

Taimur Saadat, Head of Technical Analysis at the Arab Media Capital Markets Resource Centre, added, "Contrary to expectations, the market staged a strong rally during Ramadan and after Eid. The second quarter rally was supposed to end in August or September but continued in October."

The outgoing year also witnessed consolidation with DFM acquired Nasdaq Dubai for working separately under a single management.