UAE stocks gain Dhs2.8 billion on buying spree

31/05/2017 02:17 AST

Sentiments improved at UAE stock markets on Tuesday following a selective buying spree targeting leaders, with trading companies gaining Dhs2.8 billion in market value, as per statistics issued at the close of today’s session.

Dubai Financial Market General Index held decent gains for the second straight session, increasing by 0.67 per cent to 3,340 points, with the Abu Dhabi Securities Exchange General Index closing at 4501 points, an increase of 0.20 per cent over yesterday’s session.

The DFM-listed Dubai Islamic Bank increased to Dhs5.81, with Emaar Malls up to Dhs2.56 and Damac to Dhs2.89, while GFH Group was the best performer, jumping to AED2.27, a growth of 4 per cent over the last traded prices.

At ADX, Abu Dhabi Commercial Bank led the rise trajectory, closing at Dhs7.34, with Etisalat edging toward the Dhs18 mark at Dhs17.50 In terms of liquidity, a total of 4751 transactions were conducted worth Dhs352 million over 183 million shares.

Advancing shares outnumbered declining stocks, with 36 companies ending on a high note out of 58, with 8 firms closing down and14 at their last traded prices.

Dubai’s index rose 0.7 per cent in thin trade as builder Arabtec, the most heavily traded stock, jumped 4.0 per cent on Tuesday.

Theme park operator DXB Entertainments climbed 2.3 per cent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO.

Most Gulf stock markets rose on Tuesday, with petrochemical shares pushing Saudi Arabia up, although Qatar dropped partly because of a fresh tumble by property firm Ezdan Holding.

The Gulf Today