Dubai: UAE indices started the new year on a strong footing on Thursday, led by bank shares. Among the Gulf markets, Dubai was the top performer, followed by Abu Dhabi and Qatar.
Dubai index rallied more than three per cent to close at 3472.29 points on Thursday.
The index hit a high of 3488.97 points and a low of 3354.39 points during intra trade.
Among the gainers, Dubai Islamic Bank (DIB) rose 11.94 per cent to Dh6, followed by Emirates NBD by 4.72 per cent to Dh6.65 and Tabreed by 4.17 per cent to Dh2.50. DIB surged the most in five years.
Bellwether Emaar rose 3.14 per cent to Dh7.88 while Arabtec traded at 1.74 per cent to Dh2.92.
National Industries Group suffered the worst by 8.55 per cent to Dh4.60, followed by Depa by 2.76 per cent to $0.670 and Aramex by 2.63 per cent to Dh2.96.
Arab Insurance Group said in a statement on the Dubai bourse that it has entered into an agreement to sell 51 per cent stake in its subsidiary Arima Insurance Software to Beirut-based BSynchro Holding for $1.25 million.
Of the 28 companies traded, 14 rose, 13 fell and one remained unchanged.
About 903.49 million shares worth Dh1.62 billion were traded on Thursday.
DFM was the active value leader and Gulf Finance House was the active volume leader on Dubai bourse.
Abu Dhabi
In Abu Dhabi, the ADX index closed 1.61 per cent higher at 4359.20 points.
Among the gainers, Sharjah Islamic Bank rose by 10.39 per cent to Dh1.70, followed by Abu Dhabi Ship Building by 9.52 per cent to Dh2.99 and Abu Dhabi Commercial Bank by 6.15 per cent to Dh6.90.
Al Khazna Insurance suffered the worst by 6.82 per cent to Dh0.82, followed by Asmak by 5.90 per cent to Dh12.75 and Agthia by 4.75 per cent to Dh4.21.
Of the 29 companies traded, 14 rose, 11 declined and four closed unchanged.
About 395.12 million shares worth Dh802.58 million were traded.
Eshraq was the active value and volume leader.
