UAE stocks gain AED7 bn driven by property sector

ABU DHABI, UAE financial markets on Tuesday posted gains of around AED7 billion in market cap driven by upbeat sentiments at the realty sector and significant cash inflows by institutions and individuals alike.

For the third day straight, Abu Dhabi’s main stocks index continued to rise, edging up 1.25 pct to 4,682 points, with DFM’s General Index following suit, and closing 1.13 pct higher than the last session at 2,191 points.

In the Abu Dhabi Securities Exchange, Aldar Properties significantly increased to AED2.84, amid AED400 million of transactions in fructification of its announcement that it reached an agreement with ADQ for the development and management of government capital projects worth AED30 billion across the emirate. FAB also increased to AED11.50 followed by ADCB at AED5.87.

In Dubai Financial Market, Emmar experienced a price-boosting reverse to AED2.74. Emaar Malls, Dubai Islamic Bank and Damac were among the winning shares, increasing to AED1.48, AED4.15 and AED1.11 respectively.

A total of 6,848 deals were conducted worth around AED1 billion over 337 million shares in both bourses.

 

Source: Emirates News Agency

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