UAE stocks goes up by 15 billion in two days

Sheena Amos

ABU DHABI 4 January 2018: The UAE stock markets closed in the green for the second day running, gaining to the tune of AED15 billion in market capitalisation of trading companies in two successive sessions, AED7.4 billion of which on Wednesday, with the general indices of the two main bourses hitting several-month highs, driving sentiments up among different segments of traders.

The Abu Dhabi Securities Exchange General Index grew 0.88 percent to 4481 points, with Dubai Financial Market General Index following suit to 3458 points, 1.4 percent up from Tuesday session.

While the realty sectors continued to drive the rise, other platforms chipped in for the growth.

Within this context, Emaar continued its upward movement, closing on a high note of AED7.40, a growth of around 3 percent over the last traded price, luring transactions worth AED47 million. Emaar Development spiked 3.8 percent to AED5.49 followed by Emaar Malls at AED2.23, with Union Properties PJSC edging up to 99 fils.

Dubai Islamic Bank maintained its positive performance and rose to AED6.29, and Dubai Investments to AED2.48, with most of Takaful insurance shares securing decent gains.

In the capital’s bourse, Etisalat was the best performer after rebounding to AED17.55, with FAB increasing to AED10.65, and ADCB hitting a several-month high of AED7.10.

In terms of liquidity, a total of 6505 transactions were conducted worth AED593 million over 379 shares, with 40 companies out of a total of 65 traders closing high, 15 down and 10 on their last traded prices.