Two elephants also drowned in rapidly rising flood waters in north of popular tourist hotspot Chiang Mai
The Dubai Financial Market’s General Index, or DFMGI, rose the most in 10 weeks. The benchmark index rose 46.88 points, or 3.12 per cent to 1,547.13 points — the most since April 11. Out of 30 stocks traded yesterday, 22 posted gains while two remain unchanged and six declined as investors exchanged 178.87 million shares worth Dh351.45 million shares on the exchange.
Emaar Properties PJSC, the biggest stock in the gauge, led the recovery in real estate index and surged 8.55 per cent to Dh3.30 after selling its Hamptons International unit to Countrywide Plc. Arabtec soared 6.01 per cent to Dh1.94 while Deyaar and Union Properties advanced 2.95 per cent and 1.62 per cent, respectively.
“We’re firmer in the region as the international backdrop is decent,” said Ali Khan, Head of Cash-equity Trading at Arqaam Capital Limited. “Oil is moving toward the top of its trading range.”
Crude oil rose to $77.18 a barrel on the New York Mercantile Exchange on Friday for a weekly gain of 4.6 per cent. The six nations of the Gulf Cooperation Council supply about a fifth of the world’s oil.
DFM Company, the bourse operator, surged 6.04 per cent to Dh1.58 while Air Arabia and du gained 1.67 per cent and 1.90 per cent, respectively.
In banking sector, Shuaa Capital soared 7.83 per cent to Dh1.24 while Gulf Finance House and Dubai Islamic Bank and rose three per cent and 0.99 per cent, respectively.
The Abu Dhabi Securities Exchange Market’s General Index turned positive on recovery in real estate sector. The benchmark index rose 20.61 points, or 0.82 per cent, to 2,536.00 points as investors exchanged 53.15 million shares worth Dh81.22 million shares on the exchange.
“As soon as some significant bids were seen on large-cap names, the retail buyers saw this as a signal to re-enter the market,” said Julian Bruce, Director of Equity Sales at EFG- Hermes Holding SAE. “Due to low volumes overall the upside move has been exaggerated.”
RAK Ceramics surged 7.14 per cent to Dh1.5 while Aldar and RAK Cement Company gained 4.35 per cent and 2.74 per cent, respectively.
On the negative side, Abu Dhabi National Insurance Company plunged 9.09 per cent to Dh6 and Union National Bank declined 2.44 per cent to Dh2.80.
In terms of value, Sorouh Real Estate remained the most active share on the exchange as its Dh23.6 million shares were traded yesterday. In terms of volume, Dana Gas remained on top as its 20.57 million shares were traded on the exchange.
muzaffarrizvi@khaleejtimes.com
Two elephants also drowned in rapidly rising flood waters in north of popular tourist hotspot Chiang Mai
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