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Institutions bought shares in real estate sector, which boosted the sentiments and lifted the trading volumes to over 100 million shares. Emaar Properties led the rally on the benchmark index, which increased the most in more than two weeks as most shares rose in line with a rally on global markets. The index rose 22.63 points, or 1.54 per cent to 1,494.96 points, its biggest gain since June 20.
Out of 26 stocks traded yesterday, 19 stocks posted gains while one remain unchanged and six declined as investors exchanged 102.42 million shares worth Dh141.60 million compared to only 42.81 million shares a day before.
“Investors had very low expectations for second-quarter earnings, so a lot of the downside risk is already priced in,” said Sameh Hassan, Director of Research at Rasmala Investment Bank Limited in Dubai. “If the results are anything slightly better than a total disaster then stocks should go higher.”
Emaar rose 3.90 per cent to Dh3.20 while Arabtec and Union Properties advanced 4.76 per cent and 2.93 per cent, respectively. Dubai Financial Market, the bourse operator, also rose 2.74 per cent to Dh1.50.
“Some institutional clients have been picking up Emaar and Dana Gas for the medium term, but the quantities are nothing to be overjoyed about,” said Vyas Jayabhanu, Head of Investments, Al Dhafra Financial Broker. “Investors are not willing to sell at these prices following recent declines — they want to see what second-quarter results are like.”
Abu Dhabi Securities Market’s General Index, or ADXGI, closed flat as banking and insurance sector shares fell in volatile trade. The benchmark index eased 0.32 point, or 0.01 per cent, to 2,520.63 points.
Abu Dhabi National Insurance Company led the decline as its shares tumbled by 8.33 per cent to Dh5.5. Abu Dhabi Islamic Bank and First Gulf Bank fell 1.60 per cent and 1.03 per cent, respectively. Union Cement Company also declined 6.25 per cent to Dh1.35.
On the positive side, Sharjah Islamic Bank rose 6.25 per cent to 0.85 fils while RAK Properties advanced 2.78 per cent to 0.37 fils. Dana Gas, one of the most active stock on the exchange, closed firm at 0.68.
“Dana is in a sector that has escaped the rot and as a company it has done a lot of positive things in the past year such as new gas discoveries and I expect its second-quarter numbers to be pretty good,” Jayabhanu said.
In terms of value and volumes, Aldar Properties remained the most active share on the exchange as its Dh16.54 million shares worth Dh44.91 million were traded on the exchange.
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