UAE stocks gain AED4.3 billion driven by property sector
Driven by a high level of liquidity targeting a set of blue chips, the Dubai Financial Market recorded an impressive volume spike, auguring well for a price improvement over the coming days. Reflecting the same bullish view, the Abu Dhabi Securities Exchange closed high thanks to a noticeable rise in Etisalat 's share which closed at AED17.75. Wednesday's transactions consolidated the market value of trading companies by around AED4.3 billion, AED3.8 billion of which was recorded at DFM, with analysts attributing the upbeat sentiments to the imminent disclosure of biannual financial statements.
Affirming the prevailing positive mood, the DFM General Index jumped 1.59 percent closing at 3494, with ADX General Index following suit, closing at 4409, a 0.02 percent up over yesterday's session.
A close reading of today's trading shows that the DFM real estate sector was the best performer, spiking by 3 percent, followed by the investment platform by 1.7 percent and the consumer staples sector by 1.4 percent.
Emaar continued its spiraling movement to close at AED7.86 followed by Damac which dramatically rose by 10.72 percent, ending the session at a several month-high of AED3.82.
Arabtec gained 3.5 percent closing at AED3.54, with the Union Properties closing up by 2 percent at AED0.955 amidst transactions worth AED47 million.
A total of 6117 transactions were conducted Wednesday worth AED572 million over 357 million equities, with 31 companies closing high out of 60 traders, 5 at their last traded prices while 24 closed down.
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