Emaar share jump lifts UAE indices

18/05/2017 05:47 AST

The UAE stock markets on Wednesday saw a robust rise in the leading shares of the real estate sector at the Dubai Financial Market, with Emaar shares leading at Dhs7.52, and Etisalat shares registering a significant rise.

The largest support for the market came from the Emaar shares that bounced to the level of Dhs7.52 after the calm that dominated trading since Sunday. The shares attracted good liquidity of more than Dhs51 million.

Emaar’s positive performance reflected on the rest of the real estate sector as Emaar Malls’ shares rose to Dhs2.59, followed by Damac at Dhs2.87, while Arabetc shares were up Dhs0.725.

At the Abu Dhabi Securities Exchange, Etisalat shares rose to Dhs17.65, while Eshraq Real Estate gained Dhs1.10, and First Abu Dhabi Bank closed unchanged at Dhs11.30.

The final result of the transactions raised the general index of the Dubai Financial Market by 0.54 per cent to 3395 points, while the general index of the capital market rose by 0.25 per cent to 4593 points.

The value of transactions on Wednesday stood at Dhs352 million at the two markets, which is half of Tuesday’s record. A total of 220 million shares were traded through 3,726 transactions. Top gainers outnumbered decliners with 27 companies closing higher, 21 closing lower, and 13 others remaining unchanged.

Meanwhile, US stocks and the dollar fell while bond prices rose on Wednesday as reports on US President Donald Trump raised questions about his ability to deliver on tax and regulatory reform.

All three major US stock indexes were down more than 1 per cent, with S&P 500 on track for its worst day since Sept. 13. The dollar index has erased its post-election gains.

The dollar index, which tracks the US currency against six peers and had scaled a 14-year peak of 103.82 on Jan. 3, fell 0.4 per cent to its lowest level since Nov. 9, surrendering all of its “Trump bump” gains.

The Dow Jones Industrial Average was down 278.59 points, or 1.33 percent, to 20,701.16, the S&P 500 had lost 31.89 points, or 1.33 per cent, to 2,368.78 and the Nasdaq Composite had dropped 114.93 points, or 1.86 percent, to 6,054.94.

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