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Thu 4 Jan 2018 10:33 AM

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UAE stock markets gain $4bn in two sessions

Realty sector drove the increases with strong performances

UAE stock markets gain $4bn in two sessions
Of the total, AED 7.4 billion ($2 billion) in market capitalisation occurred on Wednesday

The UAE’s stock markets gained approximately AED 15 billion ($4 billion) in market capitalisation of trading companies in two successive sessions, with the general indices of the country’s two main bourses hitting several-month highs.

Of the total, AED 7.4 billion ($2 billion) in market capitalisation occurred on Wednesday.

The Abu Dhabi Securities Exchange General Index grew 0.88 percent to 4481 points, while the Dubai Market General Index rose 1.4 percent to 3458 points.

The realty sector drove the rises, with Emaar’s share prices closing 3 percent over their last traded price at AED 7.40, with total transactions worth AED 47 million ($12.8 million). Emaar Development, for its part, spiked 3.8 percent to AED 5.49, followed by Emaar Malls (AED 2.23) and Union Properties PJSC (99 fils).

Other sectors also contributed, with Dubai Islamic Bank rising to AED 6.29 per share and Dubai Investments to AED 2.48.

In the Abu Dhabi bourse, Etisalat was the best performer after rebounding to AED 17.55, while FAB increased to AED 10.65 and ADCD rising to AED 7.10.

In terms of liquidity, 6,505 transactions were conducted worth a total of AED 593 million ($161 million) over 379 shares, with 40 of 65 companies closing high, while 15 closed down and 10 closed on their last traded prices.