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Dubai shares rally for seventh day

Dubai: Dubai’s benchmark index (DFM) rallied for the seventh day on Sunday, led by real estate and transport shares.

The index closed 1.01 per cent higher at 4,346.93 points.

Traders said that real estate shares are gaining traction in the UAE on the emirate’s $20 billion (Dh73.4 billion) debt deal with Abu Dhabi and the UAE Central Bank.

Bellwether Emaar rose 1.55 per cent to Dh9.83 as the property developer plans to list its shopping malls unit.

Among the gainers, Dubai National Insurance & Reinsurance rose by 11.32 per cent to Dh2.95, followed by Deyaar by 6.50 per cent to Dh1.31 and Drake and Skull International by 4.19 per cent to Dh1.74.

Gulf General Investments fell by 2.27 per cent to Dh2.15, followed by Gulf Navigation by 2.10 per cent to Dh0.420 and Ajman Bank by 1.49 per cent to Dh3.31.

Of the 32 companies traded, 16 rose, 11 fell and five remained steady.

About 659.20 million shares worth Dh1.44 billion were traded.

Al Salam Bank — Bahrain was the active value and active volume leader.

In Abu Dhabi, real estate and insurance shares lifted the index marginally up by 0.22 per cent to 4,795.37 points.

Among the gainers, Watania rose by eight per cent to Dh1.35, followed by Abu Dhabi National Insurance by 5.47 per cent to Dh6.75 and Umm Al Quwain Cement Industries by 3.85 per cent to Dh1.35.

Finance House suffered the worst by falling 8.81 per cent to Dh3.83, followed by United Arab Bank by 5.77 per cent to Dh8 and Sharjah Cement and Industrial Development by 3.03 per cent to Dh1.28.

Of the 36 companies traded, 18 rose, 11 declined and seven closed unchanged.

About 226.87 million shares worth Dh579.39 million were traded.

Esharaq was the active volume leader while Aldar was the active value leader.