Equities rise on global cues

14/06/2010 00:00 AST

UAE bourses on Sunday began trading on a positive note and finished higher, tracking gains in international markets and higher oil prices.

The Dubai Financial Market and Abu Dhabi Securities Exchange Market rose in thin trade as the investors were sceptical about the recovery and they preferred to stay on the sidelines.

The DFM’s General Index advanced 14.17 points, or 0.94 per cent, to 1,528.40 points, the most since July 2. Out of 26 stocks traded yesterday, 15 posted gains while three remain unchanged and eight declined as investors exchanged 110.50 million shares worth Dh163.16 million shares on the exchange.

Real estate stocks dominated trading on DFM. Emaar Properties, the region’s largest property developer, led the real estate sector and advanced 1.93 per cent to Dh3.17. Arabtec and Union Properties climbed 2.07 per cent and 1.04 per cent, respectively.

In the banking sector, Dubai Islamic Bank rose two per cent to Dh2.04 while Emirates NBD and Shuaa Capital dropped 0.38 per cent and 2.40 per cent, respectively.

The ADX’s General Index followed the DFM’s positive trend and rose 14.05 points, or 0.56 per cent, to 2,533.97 points. Out of 29 stocks traded, 15 posted gains while six remain unchanged and eight declined as investors exchanged 44.29 million shares worth Dh63.20 million shares on the exchange.

The banking sector led the recovery on the ADX as Abu Dhabi Islamic Bank rose 5.49 per cent to Dh2.69 and First Gulf Bank climbed 3.23 per cent to Dh14.40.

In terms of value and volume, Dana Gas remained on top as its 21.74 million shares worth Dh14.81 million were traded on the exchange.

Khaleej Times