Abu Dhabi: The UAE bourses started the week on a high note with values growing significantly to reach Dh1.4 billion in Dubai on Sunday, marking the first trade session in August that the market has crossed Dh1 billion.

Meanwhile, the Dubai Financial Market (DFM) index went up 1.13 per cent to reach 4,963.1, as the Abu Dhabi Securities Exchange (ADX) general index gained 0.6 per cent to reach 5,081.73.

The growth in values in Dubai, as well as the rise in the index was primarily on the back of blue chips Arabtec and Union Properties, which together accounted for nearly 64 per cent of the total value on DFM. Arabtec share prices climbed 3.75 per cent to reach Dh4.43, while Union Properties inclined 3.69 per cent.

Other powerhouses in Dubai were also in the green. Dubai Investments Co added 2.7 per cent, Gulf Finance House rose 0.76 per cent, Emaar went up 0.48 per cent, and the DFM share price gained 2.94 per cent.

In Abu Dhabi, Arkan Building Materials Co topped the gainers’ list with a 14.52 per cent change, followed by National Takaful Company with 8.18 per cent, Methaq Takaful Insurance Co with 7.09 per cent, and Ras Al Khaimah Cement Company with 3.17 per cent.

Impressed with performance

Discussing market performance, Analyst Osama Al Ashry said, “Of the Dh1.4 billion traded in Dubai, almost Dh1 billion went to Arabtec, Emaar, and Union Properties, so I don’t see that as real trade. The banking sector, for example, is still weak, so I wouldn’t say I’m impressed with the performance.”

He added that the announcement by Aldar Properties to lease 600 residential units to Cleveland Clinic appeared to have made a positive impact on the real estate sector in Dubai.

As for the Abu Dhabi market, Al Ashry, a member of UK organisation, Society of Technical Analyst, said the outlook was positive.

“The ADX index has been above 5,000 for quite some time, so that gives room for some optimism. The index a resistance level of 5,251 and if that is crossed, it can reach 5,500. I think the index will use Aldar to achieve such growth because Aldar looks positive,” he said.

Of the 31 stocks traded on DFM, 23 went up, seven went down, and one remained unchanged. Of the 35 stocks traded on ADX, 17 advanced, 14 declined, and four remained flat.