UAE real estate giant Emaar Properties was behind a jump yesterday in UAE markets, with the Dubai market recording Dh301.6 million worth of shares traded, and Abu Dhabi market trading exceeding Dh52.2 million.
Emaar was biggest gainer, closing at Dh11, reflecting a 1.85 per cent increase and accounting for more than 56 per cent of the market transactions, according to Gulf News.
"The market seems to be reacting positively to the recent developments in the Middle East, with the Arab foreign ministers concluding their meeting, and signs point to a possible termination of the military operations in Lebanon," said an unnamed Dubai based analyst.
Both the Dubai and Abu Dhabi indices , however, closed in the black, as Dubai's benchmark index gained 1.48 per cent to close at 402.08 points, and Abu Dhabi's general index gaining a mere 0.04 per cent to close at 3,438.45 points.
"Further, the subscription for Gulf Navigation's IPO has closed in a very strong manner, recording about Dh27 billion for the Dh910 million worth of shares at stake, which indicates that liquidity is available on the one hand, and that investors attention is more focused on the market on the other," the analyst.
The highest traded share on the Abu Dhabi bourse was Oasis Leasing, which accounted for 22 per cent of the market transactions.