UAE Stocks in uptrend

ABU DHABI, UAE stocks locked in a strong uptrend in the maiden session of the week supported by most of the listed sectors primarily the realty and banking companies, with the DFM General Index rising to 3151 points, an increase of 1.83 percent over the last session, and ADX General Index following suit by 1 percent over Thursday’s session to 4699 points.

The bullish trend of today was a direct translation of the package of economic growth incentives launched by the Emirate of Dubai to streamline business and boost economic performance across the country in general and in Dubai in particular.

Within this context, Emaar hit a new high of AED5.98 followed by other property companies, including Emaar Development which spiked to AED5.45, Emaar Malls to AED2.17 and Arabtec to AED 2.20. At the banking sector, Emirates NBD closed on a high note of AED10.35, followed by Dubai Islamic Bank at AED6.52.

At the capital’s bourse, FAB rose to AED12.60 and Aldar Properties to AED2.12, with Dana Gas edging to 94 fils.

In terms of liquidity, a total of 2520 transactions were conducted worth AED232 million over 154 million shares. Forty five companies out of 68 closed in the green, 14 down and nine at their last traded prices.

Source: Emirates News Agency