UAE markets gain on the first day of Ramadan
The UAE markets continued their upward trend on the first day of Ramadan amid lower volumes, with Dubai's General Index gaining for the fourth straight day and the Abu Dhabi Securities Index advancing for three consecutive days.
The latest rally in the local bourses is in anticipation of robust second quarter corporate earnings later this month.
The Dubai benchmark was up 1.02 per cent to end at 2,367.77, taking its four-day gain to 3.7 per cent. The volume fell 63.74 per cent to 118.38 million shares. The Abu Dhabi gauge closed 0.56 per cent higher to 3,702.18, taking its three-day advance to 3.31 per cent. Here too, the volume fell, from Tuesday's 172.05 million shares to 146.06 million.
In Dubai, the rally was led by a mix of banking, investment and real estate stocks, which were among those with the highest turnover. Of the 27 stocks traded, 15 advanced, nine declined and three remained unchanged.
Dubai Islamic Bank, the highest traded in terms of value, climbed 1.81 per cent to Dh3.37. Emaar Properties, with a turnover of Dh37.98 million, added 1.83 per cent to Dh5.57 and Dubai Investments gained 2.03 per cent to Dh1.51.
DP World was among the day's biggest gainers, closing 2.49 per cent higher to $15.65.
In Abu Dhabi, banking and real estate stocks were among the most active in terms of value traded and also among the prominent gainers. First Gulf Bank, with Dh40.14 million in terms of value traded, was up 1.48 per cent to Dh17.15. Sharjah Islamic Bank climbed 3.47 per cent to Dh1.49. Aldar Properties gained 0.86 per cent to end at Dh2.35.
Though Abu Dhabi Commercial Bank topped the lists of both volume and turnover, it ended flat at Dh5.15. National Bank of Abu Dhabi also remained unchanged at Dh12.
- Why Kuwait budget spending is up 8% year-on-year in April-Jan
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall