Emaar leads bourses along with key service sector players
Real estate major Emaar properties led gains on UAE bourse on Monday closing at 15 fils up at Dh13.35, while across the two bourses, the UAE market traded 193 million shares worth Dh1.2 billion. In 9,556 deals DFM traded 171 million shares worth more than Dh1.12 billion.
Modest gains were reported for much of the service sector, with du and Aramex gaining 2.1 per cent and 1.4 per cent, respectively. Islamic mortgage lenders Amlak and Tamweel were up 1.9 per cent and 1.6 per cent, respectively, according to Khaleej Times.
Despite the relatively modest gains, the onset of the Muslim holy month of Ramadan is one of the main reasons behind the market’s sluggishness, assured industry experts.
The Dubai Financial Market index gained 2.1 per cent to 425, making up for the losses it suffered on Saturday. However, the Abu Dhabi index continued to drop as the index closed 0.6 per cent down at 3,509.4.
Dubai Islamic Bank closed 10 fils up at Dh10.60 while NBD slipped 20 fils to Dh10.80. The Abu Dhabi-listed banks reported across the board fall in share prices with the country's largest lender National Bank of Abu Dhabi closing 4.8 per cent down at Dh24.30.