Dubai: The Abu Dhabi Securities Exchange (ADX) rose for an 11th consecutive session on Sunday, its longest stretch of gains since May 2007, as investors poured cash into the capital's real estate sector.
The bourse rose 0.66 per cent to 2,641.29 with Aldar Properties adding 6.78 per cent to a seven month high of Dh1.28 after Moody's raised its outlook on the developer to positive. Sorouh gained 6.61 per cent to Dh1.31 and Ras Al Khaimah Properties jumped 4.76 per cent to Dh0.46.
"Fundamentals are accurately reflected right now, but any bit of positive news is an addition the rally can take into account and build on," said Amer Khan, fund manager, Shuaa Asset Management," told Reuters.
Bellwether etisalat dragged again, falling 0.95 per cent to Dh9.32 while Union Cement Company led losses, tumbling ten per cent to Dh1.08.
Of the 31 companies traded, 22 rose, seven fell and two closed unchanged. About 202.7 million shares worth Dh255.5 million were traded.
Meanwhile, the Dubai Financial Market (DFM) General Index hit a 16-month high, taking its cue from gains on Saudi Arabia's bourse on Saturday.
The bourse climbed 3.07 per cent to 1,754.2, its highest close since November 1, 2010, with small cap stocks coming into focus.
Islamic mortgage provider Tamweel led gains, jumping 15 per cent to Dh1.15, utilities firm Tabreed rose 14.81 per cent to Dh1.86 and Dubai Financial Market closed at Dh1.19, up 14.42 per cent. The DFM rallied 21 per cent in February, the biggest gain among benchmarks worldwide.
"The rally gained further strength with the help of penny stocks such as Tabreed, Gulf Navigation and Dubai Investments," said Mousa Haddad, head of the equity trading desk at the National Bank of Abu Dhabi.
Blue chips also saw strong buying interest with bellwether Emaar Properties added 1.63 per cent to Dh3.12 and Arabtec rose two per cent to Dh3.57. Al Mazaya Holding Company was the top decliner, tumbling 7.14 per cent to Dh1.69 while jewellery firm Damas lost 1.32 per cent to 37 US cents on Nasdaq Dubai.
