Abu Dhabi: The Abu Dhabi Securities Exchange (ADX) general index rose on Sunday on positive global and regional market sentiments led by rise in real estate, banking and telecommunication stocks.

The ADX general index closed 0.51 per cent higher yesterday, at 2,507.26, with the market expected to move upward in the days ahead as it managed to close above its previous support level of 2,505.

"The Abu Dhabi market lagged the Dubai market today, but it should start moving upwards in the next couple of days in line with the positive developments on the global and regional markets. The market is expected to be positive over the short-term as the risk appetite of investors is increasing," said a market analyst, adding that even though there may be profit-taking on certain days, the overall market sentiment will remain upbeat.

The highlight of the day was Dana Gas announcing a new discovery and start of new production in Egypt. On Sunday, 59.28 million shares worth a combined Dh102.85 million were traded on the Abu Dhabi market. Of the 29 company stocks traded, 16 advanced, while 9 declined and 4 remained unchanged. The stocks of Aldar Properties rose 0.87 per cent yesterday to Dh2.34.

On Sunday, National Bank of Umm Al Quwain was the market's top gainer, its stock rising 4.35 per cent to Dh2.40. The day's top loser was Union Cement Co., its shares falling 4.41 per cent to Dh1.30. Shares of Aldar were the most traded by value while Dana Gas' stock was the most traded in terms of volume on the ADX on Sunday.

DFM

In Dubai, the Dubai Financial Market (DFM) index surged on Sunday on strong global cues and better-than-expected US jobs data with the volume of trade indicating an overall increase in the risk appetite of investors.

The DFM index rose 2.69 per cent to 1,538.09 with around 103.23 million shares worth about Dh207.78 million being traded.

"The positive sentiments on the global and regional markets has finally reached the UAE. We are likely to see further upsides in the days ahead. Today, there were rumours of some short coverings in Emaar," said Chahir Hosni, sales manager with EFG-Hermes.

The shares of heavily traded stocks such as Emaar, Arabtec, DFM, du, Dubai Islamic Bank and DP World rose yesterday, which led to a significant rise in the market index.

Analysts expect to see better volumes on the Dubai market post-Ramadan, as investors will likely be taking positions ahead of the announcement of third-quarter company results, next month onwards. Despite the market continuing to trade in a downtrend, analysts believe the DFM has the potential for a strong pull back.

On Sunday, about 34.01 million shares of Emaar cumulatively worth around Dh115.93 million were traded, its stock closing 5.42 per cent higher at Dh3.50. The day's top gainer was Salam Bah Al Salam Bank — Bahrain, its shares closing 6.46 per cent higher at Dh0.725.

Global Investment House was the day's main loser, its shares falling 9.93 per cent to close at Dh0.889. Shares of Emaar were the most traded by value and volume on the Dubai market.