On a roll: UAE share markets keep rising

On a roll: UAE share markets keep rising
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Published July 24th, 2013 - 09:42 GMT via SyndiGate.info

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In Abu Dhabi, shares worth a total of Dh387.59 million were traded
In Abu Dhabi, shares worth a total of Dh387.59 million were traded
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The UAE share markets continued to rise on Tuesday in line with the improved global risk sentiments and in anticipation of strong fiscal second quarter earnings of locally-listed blue-chip companies.

More than Dh1 billion worth of share transactions on Dubai and Abu Dhabi stock markets yesterday indicated an increased participation of foreign institutional investors in stocks listed on the country’s bourses.

In Dubai, the DFM index ended 0.54 per cent higher at 2,561.44, while the Abu Dhabi Securities Exchange general index rose 0.68 per cent to close at 3,891.23.

Yesterday, 564.85 million shares cumulatively worth about Dh799 million changed hands in Dubai. Construction firm Drake & Scull Int led the market’s rally, its shares closing 8.41 per cent higher at Dh1.16. However, profit-taking in real estate major Emaar, whose stock fell 1.01 per cent to Dh5.87, pared the market’s gains.

In Abu Dhabi, shares worth a total of Dh387.59 million were traded. National Bank of Umm Al Qaiwain led the gainers with a 14 per cent rise in its stock price, while Al Khazna Insurance was the day’s main loser.

Real estate major Aldar’s shares rose 3.5 per cent to close at Dh2.66.

Market experts expect the bullish sentiments on the UAE markets to continue in the medium term, Next resistance level for the DFM index is being seen at 2,600 while for the Abu Dhabi gauge it’s at 3,950.

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