UAE indices join world peers in Yellen-triggered rally

31/03/2016 07:14 AST

UAE indices jumped more than a per cent on Wednesday joining world peers, with Shuaa Capital jumping nearly 15 per cent.

The Dubai Financial Market General index closed 1.51 per cent higher at 3,324.59, after gaining as much as 3,324.59.

“We also have positive momentum on local stocks like Dana Gas, and Dubai Parks among other stocks,” said Tariq Qaqish, head of asset management at Al Mal Capital.

Gulf Finance House jumped more than 3 per cent to be at Dh0.819. Emaar Properties closed 1.38 per cent higher at Dh5.88. Emaar Properties surged after speculations that the company may decide to raise dividend. The stock ended 1.38 per cent higher at Dh5.88.

Bucking the trend, Emirates NBD fell 0.51 per cent at Dh7.80, and was the most active stock in trade. Out of a total of 34 stocks traded on the exchange, shares of 27 firms rose, while other five fell. The rest remained steady. Total traded volumes recovered from its lowest level in two months to be at Dh500 million.

Abu Dhabi Securities Exchange General index closed 1.7 per cent higher at 4,394.66. “Long and medium term traders continue to be neutral on Abu Dhabi index while trend characteristics remain bearish. Only a medium term reversal above Daily top at 4,600 would postpone the decline and allow for medium term long positions,” Menacorp said in a note to clients.

Abu Dhabi National Emergy ended more than 10 per cent higher at Dh0.46, wile Aldar Properties closed more than a per cent higher at Dh2.70. Out of a total of 26 stocks traded, shares of 13 firms rose, while other 8 fell.

Gulfnews