Emaar lifts DFM index; ADX slips

dubai — The UAE equity indices closed mixed on Tuesday, with Dubai ending in positive territory while Abu Dhabi slipping into the red.

Dubai Financial Market (DFM) closed the day at 0.45 per cent, or 16.17 points, higher at 3,649.53 while Abu Dhabi Securities Exchange (ADX) fell marginally 0.1 per cent to 4,561.65 points.

Akber Naqvi, Head of Asset Management & Executive Director at Al Masah Capital, says local markets maintained their buying momentum on the first day of the new month.

After a strong July in which DFM gained seven per cent and ADX increased three per cent, buyers were willing to keep the trend going.

“In Dubai, volumes picked up as technical triggers are now bringing more investors back into the market despite the summer lull,” added Naqvi.

Dubai bourse saw 196.55 million shares changing hands valued at Dh375.5 million. A total of 34 scrips were traded in 3,773 deals.

Emaar Properties was the top gainer, rising 1.82 per cent to Dh8.39, followed by Arabtec, Dubai Islamic Bank, Dubai Investments, Union Properties and Dubai Financial Market.

Arabtec witnessed increased activity after it won a Dh628 million villa construction contract from Damac Properties.

Abu Dhabi saw 11 gainers and six losers with six remaining unchanged. More than 115.49 million shares were traded on Tuesday with a value totalling Dh143.5 million. Ras Al Khaimah Bank was the top gainer, rising 4.17 per cent followed by Sharjah Islamic Bank at 3.7 per cent and Dana Gas and 3.13 per cent.