Dubai benchmark rises 1.1% driven by positive blue chips
ABU DHABI SECURITIES EXCHANGE GENERAL INDEX GAINS 1.01 PER CENT
The Dubai Financial Market ( DFM) index rose 1.11 per cent yesterday to 5,171.95 on the back of positive performance by market blue chips. Meanwhile, the Abu Dhabi Securities Exchange ( ADX) general index went up 1.01 per cent to 5,180.71.
In Dubai, Emaar share prices went up 2.21 per cent to reach Dh11.55 and approach their Dh11.75 resistance level.
With over Dh272 million worth of trade, the real estate developer accounted for nearly 25 per cent of the total market trade value.
The gains yesterday bring Emaar’s total gains since the beginning of the week to 12.5 per cent.
Other powerhouses also ended the day in the green. Arabtec gained 1.06 per cent, Union Properties climbed 2.24 per cent, Dubai Islamic Bank rose 0.37 per cent, Dubai Investments Co. added 0.51 per cent, and DFM share prices increased 4.97 per cent.
Gainers in Abu Dhabi
In the capital, AbuDhabi National Takaful Company topped the gainers’ list with an 11.11 per cent rise, followed by Abu Dhabi Ship Building Co. with 8.45 per cent, Waha Capital with 3.39 per cent, and Dana Gas with 2.82 per cent. “The sentiment is pretty good in the market following the announcement of the Emaar [ Malls Group] IPO, which was a positive surprise for market operators because they weren’t expecting it so quickly,” said Sebastien Henin, head of asset management at The National Investor.
Despite so, there is
a
lack of news flow in the market, which helps focus trade on Emaar.
As for the outlook, Henin said, “I think [ the market] should stabilise. I think it should trade both ways unless we have some major news coming out, but I expect the market to fluctuate both ways, and I’m not expecting anything major.”
He added that he expected market trade values to rise as the month goes as and more investors return back from holiday.
Of the 31 stocks traded on DFM, 21 rose, three fell, and seven remained unchanged.
Of the 33 stocks traded on ADX, 18 rose, 10 fell, and five remained flat.