Business | Markets

UAE bourses close higher after last week's poor show

Both Dubai and Abu Dhabi markets gained on Sunday, after a poor show last week when Abu Dhabi Securities Exchange retreated 1.11 per cent, falling below the 5,000 mark, and Dubai Financial Market gained a mere 0.2 per cent.

  • By Gaurav Ghose, Financial Features Editor
  • Published: 00:02 May 26, 2008
  • Gulf News

Dubai: Both Dubai and Abu Dhabi markets gained on Sunday, after a poor show last week when Abu Dhabi Securities Exchange retreated 1.11 per cent, falling below the 5,000 mark, and Dubai Financial Market gained a mere 0.2 per cent.

On Sunday the Abu Dhabi benchmark rose 0.9 per cent to 5,005.3, the second consecutive day when it ended in positive territory, aided by healthy gains in energy, real estate and construction companies.

Dana Gas and Abu Dhabi National Energy Company advanced 4.9 per cent and 3.9 per cent to Dh2.16 and Dh3.69 respectively.

Among the real estate companies, Aldar Properties climbed 4.31 per cent to Dh12.10, the highest in more than a month, on what was believed to be a positive response by investors to the announcement that it hired banks to arrange for selling its first dirham Islamic bond.

Of the 50 traded stocks, 32 advanced, 16 declined and 2 remained flat.

The Dubai Financial Market General Index climbed 0.1 per cent to 5,703.6, helped more by the slight gains in shares of real estate companies. Gainers beat losers 14 to eight, with three remaining unchanged. Emaar edged up 0.43 per cent to Dh 11.55. Union Properties climbed 1.79 per cent to close at Dh 5.13, its highest close since July 2005.

The Dubai-based real estate developer is in talks to buy between 40 to 60 million square feet of land in Dubai for new housing projects.

- With inputs from Bloomberg

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