Dubai: Bulls continued to hold firm on UAE bourses on Thursday on hopes of strong economic recovery and growing investor confidence.

Banks and real estate shares got a boost in Dubai with the DFM General Index closing higher by 1.77 per cent at 3504.66 points. Both volume and value crossed the one-billion mark on strong trading activity.

The index opened at 3,443.76 points and so far the index has gained four per cent for the year.

Among the gainers, Al Salam Sudan rose for the second straight day by 14.71 per cent to Dh2.73, followed by Al Salam Bank — Bahrain by 9.09 per cent to Dh1.68 and Drake & Scull by 8.67 per cent to Dh1.63.

Dubai Land Department’s plan to review off-plan transactions is giving a shot in the arm to the real estate sector and its online portal — eMart — is planning to auction 11 commercial and residential properties on Saturday.

Its first online auction raised more than Dh74.5 million in December on sales of 11 residential and commercial properties.

Vijay Harpalani, assistant fund manager at Al Mal Capital, said that any review of off-plan transactions is likely to be positive for the real estate market in the long-term as it restricts speculative buyers, and brings more balance to the market.

NGI fell by 8.83 per cent to Dh5.47, followed by National Industries Group by 4.76 per cent to Dh5 and Al Salam Group by 4.69 per cent to Dh1.83.

Of the 33 companies traded, 16 rose, 11 fell and six remained steady.

About 1.05 billion shares worth Dh1.68 billion were traded.

Drake and Scull was the active in terms of volume and value traded.

In Abu Dhabi, insurance, investment and financial services lifted the index further by 0.50 per cent to 4417.79 points. The index has gained 2.97 per cent for the year.

Among the gainers, Gulf Medical Projects Company rose by 14.77 per cent to Dh2.72, followed by Watania by 14.41 per cent to Dh1.35 and Abu Dhabi National Insurance by 8.47 per cent to Dh6.40.

Union Cement suffered the worst plunging 10 per cent to Dh1.80, followed by Invest Bank by 7.96 per cent to Dh2.66 and Abu Dhabi National Co. for B and M by 2.86 per cent to Dh1.70.

Of the 39 companies traded, 23 rose, nine declined and seven closed unchanged.

About 658.04 million shares worth Dh1.11 billion were traded.

Esharaq was the most active in terms of value while Rak Properties was the the leader in terms of volume.