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UAE stock markets end week in the positive

Dubai: UAE stock markets closed higher for the week amid positive investors’ sentiment, following last Wednesday’s Expo 2020 win, which went to Dubai.

Dubai’s benchmark index jumped 2.28 per cent in a truncated trading week. The markets were closed on Sunday on account of UAE’s 42nd National Day. Abu Dhabi’s measure rose almost identical, climbing 2.31 per cent.

On Thursday, the DFM General index gained 0.90 per cent to end at 3013.34. The volumes of shares traded fell to 409.11 million from Wednesday’s 540.15 million. The turnover was higher, increasing to Dh715.16 million from Dh619.06. Of the 32 stocks traded, 20 advanced, nine retreated and three remained unchanged.

The ADX General Index rose a moderate 0.23 per cent to 3939.64. Trading volume jumped to 491.89 million shares from 293.64 million in the previous session. The value traded was up from Dh421.19 million to Dh654.82 million. Of the 36 stocks traded, 19 ended in positive territory, 13 in the negative and four remained flat.

Real estate, construction and banking stocks were among the most active in Dubai. Emaar Properties, the stock that has the biggest weight on the index, was the most active stock, trading a value of Dh175.08 million, which was followed by Union Properties. Emaar gained 1.56 per cent to Dh6.51; UPP rose 1.94 per cent to Dh1.05; Arabtec was up 1.15 per cent to Dh2.63. Dubai Islamic Bank, the third most active stock, however remained unchanged at Dh4.74.

In the capital, among the active stocks, Dana Gas, Ras Al Khaimah Properties, Ras Al Khaimah Cement and Bildco were the gainers, adding 3.23 per cent, 1.39 per cent, nine per cent and 5.62 per cent respectively. Abu Dhabi Ship Building Co. was the biggest winner, surging 14.84 per cent. Sharjah Islamic Bank was the second best performer, increasing 9.29 per cent to Dh1.53.