Emaar trades account for more than half of market turnover

Trading of property major Emaar Properties accounted for more than half of total market turnover in the UAE on Monday, with 104 million shares worth Dh1.5 billion traded over the course of the day.

Emmar shares closed 25 fils up at Dh14.65, according to Khaleej Times, with an intra day high of 14.80. Mortgage lender Amlak also gained, up 3.6 per cent (25 fils) to close at Dh7.08.

With the exception of Dubai Islamic Bank, all banking shares on the markets fell: DIB gained 1.3 per cent, while Commercial Bank of Dubai and National Bank of Dubai fell 3.07 per cent and 3.9 per cent, respectively.

On ADSM, Union National Bank and Abu Dhabi Islamic Bank gaining 1.7 per cent and 4.6 per cent, respectively, while ADCB reported losses of 0.69 per cent and First Gulf Bank reporting losses of 0.4 per cent.

The Dubai Financial Market index gained 1.6 per cent overall over the course of the day reaching a 12-week high of 471.5. The upward trend marks a shift since the index slipped below 500 points in early June. Meanwhile, the Abu Dhabi index closed 0.6 per cent up at 3688.8, while the national benchmark National Bank of Abu Dhabi index gained 0.5 per cent to close at 12,305.

The UAE market traded an impressive 355 million shares worth more than Dh3 billion while the DFM traded 265 million shares, worth some Dh2.4 billion.