Air Arabia soars on first day in 2009 - share price wrap

UAE markets rallied strongly on the first trading day of the new year yesterday, catching up with the big opening day gains in Europe and North America last week. The Abu Dhabi Securities Exchange Index jumped 5.6%. The Dubai stock index soared 7.8%, as retail investors returned in larger numbers and oil prices continued their upward march.

Among the rising stocks in Dubai was Air Arabia, soaring 14.6%. Regional investment bank, EFG Hermes, recently selected Air Arabia as an equity pick for 2009.

Asia Pacific selected airlines daily share price movements (% change): 05-Jan-08

Other big gainers in Asia yesterday were Malaysia Airlines (+7.3%) and Air China (+5.8%).