Abu Dhabi: Trade values across the UAE bourses climbed on Monday with the first trade session in September after relatively low values throughout August, with a total of Dh2.7 billion in Dubai, and Dh532 million in Abu Dhabi.

Meanwhile, the Dubai Financial Market (DFM) index rose 1.54 per cent to reach 5,140.78, as the Abu Dhabi Securities Exchange (ADX) general index went up 0.9 per cent to reach 5,128.57.

The rise in the Dubai market came on the back of a 4.48 per cent increase in Emaar share prices. With Dh1.31 billion worth of trade, the real estate developer accounted for 47 per cent of the total market trade value, and topped DFM in terms of value traded for the second day in a row. Share prices for Emaar reached Dh11.65, approaching their Dh11.75 resistance levels, and hitting a high of Dh12 during trade hours.

Such increase is attributed to the announcement of the upcoming listing of shares by Emaar Malls Group.

Saleem Khokhar, head of equities at the National Bank of Abu Dhabi’s asset management group, discussed market performance saying that there is plenty of appetite for new listings and that drives positive investor reaction.

“I think Emaar is taking the focus right now, but in general, it’s more about the positive underlying fundamentals for the region which are really quite strong. So, I see multi-strengths in the equity markets for the region as a whole,” he said.

Other real estate developers in Dubai saw a drop in share prices as Arabtec fell 1.87 per cent and Union Properties slid 0.88 per cent.

However, Dubai Islamic Bank rose 2.53 per cent, Dubai Investments Co. gained 1.84 per cent, and DFM share prices went up 2.31 per cent.

In Abu Dhabi, Finance House topped the gainers’ list with an 11.11 per cent change, followed by Bank of Sharjah with 3.26 per cent, United National Bank with 2.96 per cent, and Gulf Cement Company with 2.86 per cent.

As for the outlook for the markets, Khokhar said, “On a long term outlook, we still see lots of fundamental value, and upside potential. For an 18-month view, we would still see 20 to 25 per cent upside for the wider index and in particular blue chips as a whole.”

Of the 32 stocks traded on DFM, 16 went down, 12 went up, and four remained unchanged. Of the 32 stocks traded on ADX, 14 advanced, 14 declined, and four remained flat.