Dubai
Dubai’s benchmark index closed more than two per cent higher on Wednesday, fuelled by banks and real estate shares.
Real estate shares are in the limelight as the property market will see higher growth next year and many projects are set to see light due to Expo 2020. The new initiatives on holiday homes market, doubling transfer fees on sales and mortgage caps are to fuel growth in the property market.
The index closed at 3.207.70 points.
Among the gainers, Deyaar rose 10.66 per cent to Dh0.903, followed by International Financial Advisors by 7.03 per cent to Dh1.37 and Union Properties by 6.48 per cent to Dh1.15.
National Industries Group suffered the worst by 9.69 per cent to Dh11.65, followed by Depa by 3.17 per cent to $0.581 and Takaful-EM by 1.91 per cent to Dh0.770.
Of the 30 companies traded, 21 rose, six fell and three remained unchanged.
About 811.35 million shares worth Dh1.10 billion were traded on Wednesday.
Union Properties was the active value leader and Deyaar was the active volume leader on Dubai bourse.
In Abu Dhabi, the ADX index closed 0.22 per cent down at 4094.58 points.
Among the gainers, Methaq rose by 8.64 per cent to Dh1.76, followed by Al Khazna Insurance by 5.33 per cent to Dh0.79 and Invest Bank by 5.02 per cent to Dh2.51.
Gulf Medical Projects Company suffered the worst by 10 per cent to Dh2.34, followed by Gulf Cement by 9.64 per cent to Dh1.78 and Julphar by 5.71 per cent to Dh3.14.
Of the 34 companies traded, 15 rose, 15 declined and four closed unchanged.
About 269.30 million shares worth Dh514.87 million were traded.
Waha was the active value leader and Eshraq was the active volume leader.
