UAE-based Aldar Properties recorded impressive trade volume on Sunday, with Dh42.9 million in trades recorded, compared to the overall sector's value of Dh91.4 million.
The rise in trade volume for Aldar represented a shift in focus from Ras Al Khaimah Properties, while real estate giant Emaar properties lost steam by midday on Sunday, according to reports in Khaleej Times.
More than Dh728 million worth of shares changed hands on the Abu Dhabi Securities Market throughout the course of the day, representing a sharp rise in trading after a period of relative slowdown.
The index maintained its gains and recovered 1.54 per cent of its value, closing at 3,665.98 points. Abu Dhabi Islamic Bank (Adib) accounting for Dh353.7 million worth of transactions.
"There are no fundamentals to justify such a rally, yet speculation seems to be concentrated on Adib. With Emaar losing steam by midday, attention was diverted to Abu Dhabi, and that was when the rally intensified," one financial analyst pointed out.
All the sub-indices except telecom posted gains. Both Etisalat and Sudatel closed unchanged at Dh20 and Dh9.53 respectively.
The Dubai market lost 0.61 per cent to close at 464 points, with Emaar dragged leading shares slightly down, falling by 0.35 per cent to close at Dh14.40.
