Business | Markets

Real estate counters lead rally on markets

The real estate sector continued to drive the rally on the UAE bourses on Tuesday, adding Dh3.3 billion to the market value of the listed shares.

  • By Ahmed A. Elewa, Staff Reporter
  • Published: 00:00 May 9, 2007
  • Gulf News

Abu Dhabi: The real estate sector continued to drive the rally on the UAE bourses yesterday, adding Dh3.3 billion to the market value of the listed shares.

In Dubai, the general index advanced 0.66 per cent to 3,981.99 on account of strong gains made by Emirates Bank International (EBI) and Arabtec.

"EBI's strong gains are somewhat misleading, as the increase came due to two transactions only for 10,000 shares. Nevertheless, Arabtec's strong performance is totally justified, as the share price is undervalued given the strong gains recorded by other developers, in addition to the excellent first quarter results," said Ahmad Abdul Rahman, analyst at Amanah Capital.

EBI gained 3.3 per cent to close at Dh9.35, while Arabtech neared its upper limit, rising 13.59 per cent to end at Dh5.10.

Emaar Properties remained out of the surge, pending the expected details for its partnership with Dubai Holding. It gained 0.92 per cent to close at Dh10.95.

In Abu Dhabi, the general index added 0.42 to its value to end the session at 3,168.59, reflecting the weak demand for index heavyweights such as etisalat and the National Bank of Abu Dhabi.

Aldar Properties and Sorouh Real Estate continued their leading positions, with the former gaining 3.67 per cent to close at Dh6.50, while the latter ended at Dh3.61 after gaining more than eight per cent.

The rally on the energy sector continued. Abu Dhabi National Energy Co (Taqa) gaining 3.96 per cent to close at Dh2.10.

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