Property shares gain across UAE bourses
Day traders and institutions on UAE bourses bought high volumes of property related shares across both indices, as shares of Emaar, du, Tamweel and Union Properties gained on Tuesday.
UAE property major Emaar gained three per cent, or 40 fils, to close at Dh13.75, according to Khaleej Times. Both Aramex and Arabtec gained one per cent each, while Islamic mortgage lenders Amlak and Tamweel gained 1.8 per cent and 2.5 per cent respectively.
Leading UAE market indices both closed higher with bourses reporting higher volumes and turnover: the Dubai Financial Market (DFM) traded 214 million shares with the total market turnover of both bourses exceeding Dh1.6 billion.
The Abu Dhabi stock market, the ADSM, on the other hand, traded more modest volumes of 19.2 million shares. The Dubai Financial Market index closed 2 per cent up at 433.6 as Abu Dhabi index gained 1 per cent to 3544.7.
In the banking sector, Dubai Islamic Bank gained 15 fils to close at Dh10.75 as National Bank of Dubai closed 3.7 down at Dh10.40.Meanwhile on the Abu Dhabi bourse, banking sector shares reported across the board gains with National Bank of Abu Dhabi gaining 7 per cent to Dh26. Abu Dhabi Islamic Bank gained 2.5 per cent as Union National Bank and ADCB posted modest gains.