Dubai: UAE stocks rose on Thursday as trading volumes jumped on Dubai’s exchange led by real estate stocks. Abu Dhabi and Dubai indices ended the week in positive territory compared to last week, when both closed lower.
The DFM General Index gained 1.11 per cent to 2700.08, ending the week 2.57 per cent higher. The benchmark measure had lost 1.56 per cent last week.
The trading volume jumped to 781.17 million shares yesterday compared to 659.57 million shares on Wednesday. Likewise, the turnover spiked to Dh810.15 million from Dh657.95 million. Of the 26 stocks traded, 20 advanced, four remained flat and two declined.
Arabtec shares had a turnover of Dh179.13 million, the highest on the day, but it ended unchanged at Dh2.85, coming a day after the biggest public listed construction contractor quashed speculation of a possible merger with Kuwait’s Combined Group Contracting Co. and Saudi Arabia’s Saudi Oger Ltd.
In terms of volume traded, Union Properties was on top, with 237.31 million of its shares changing hands. It surged 10.37 per cent to Dh0.543. Deyaar Development and Emaar Properties rose 4.84 per cent to Dh0.498 and 0.48 per cent to Dh6.24 respectively.
In Abu Dhabi, the ADX General Index was up 0.37 per cent to 3935.38, ending the week 1.37 per cent higher. In contrast to Dubai, volume and turnover declined yesterday. Majority of the stocks traded advanced, with nine retreating and four remaining unchanged.
Among the gainers included Aldar Properties rose 0.70 per cent to Dh2.86 and National Bank of Abu Dhabi which climbed 1.49 per cent to Dh13.60. Etisalat and Dana Gas ended flat. Eshraq Properties, among the highest traded stocks in terms of volume and turnover, fell 2.08 per cent to Dh0.47.