UAE stocks gain AED8.5 billion

ABU DHABI, UAE stocks posted AED8.5 billion in gains amidst a spree of selective purchases targeting blue chips across the realty and banking sectors in addition to the ADX-listed Etisalat.

The fresh gains ratcheted Dubai Financial Market General Index to 2825 points, a growth of 1.81 percent over the last session, with the General Index of Abu Dhabi Securities Exchange edging up 0.36 percent to 4948 points.

The impending disclosure of Q3 financial results is a regular enabler of purchases, according to market analysts.

Within this context, Emaar hit AED4.95, which reflected positively on the rest of the property group’s affiliates, with Emaar Development closing high at AED5.24, and Emaar Malls at AED1.83, while Damac maintained the momentum, amounting to AED2.04.

On the banking sector, Emirates NBD closed high as well at AED9.50 and Dubai Islamic Bank at AED5.39.

At the capital bourse, Etisalat jumped to AED16.70 after the telecom giant had announced it obtained the necessary official approvals for its share buy-back programme. Aldar Properties utilised the upbeat sentiments and upped to AED1.83.

A total of 4396 transactions worth AED662 million were conducted over 318 million shares on the week’s last trading session.

Source: Emirates News Agency