UAE equities gain AED8 billion

ABU DHABI — UAE equities started on a high note Thursday driven by the real estate and banking sectors, with trading companies gaining AED8 billion by the end of today’s session.

Abu Dhabi Securities Exchange, ADX, General Index therefore closed hig.16 percent at 4478 points, with Dubai Financial Market, DFM, General Index following suit by 0.37 percent compared to yesterday’s session, closing at 3351 points.

The improvement was cited by market analysts as a proof of their right forecasts for a purchasing trend over a number of stocks across all platforms, with dual-listed companies at DFM witnessing a buying spree after getting down to mouth-watering prices over the past few days.

The real estate sector was the top performer at both major indexes led by Emaar Properties spiraling to AED7.18 followed by Emaar Malls to AED2.55, an increase of 2 percent over the last traded price. Union Properties got up to AED 0.925, with First Abu Dhabi Bank outperforming all at ADX closing at AED10.70, followed by ADCB at AED7.35 and Eshraq Properties at AED1.06.

Trading yielded decent liquidity, with a total of 6831 transactions conducted worth AED527 million over 475 million equities.

ADX and DFM eventually ended in the green, and advancing shares outnumbered declining stocks, with 43 equities closing high, 15 down and 5 at their last traded prices.

Source: Emirates News Agency