Abu Dhabi: The UAE markets consolidated Sunday’s gains on Tuesday, ending in the postitive territory yet again, ahead of the beginning of the holy month of Ramadan and the announcement of second quarter corporate earnings later this month.
In Dubai, the DFM index closed 0.15 per cent higher at 2,343.98, while the Abu Dhabi Securities General Index ended 1.01 per cent higher at 3,681.69 as investors built new positions ahead of a potential market rally in the days ahead.
In view of the US Federal Reserve planning to scale back its $85 billion-a-month quantitative easing programme later this year, the regional markets, particularly Dubai and Abu Dhabi’s, are widely tipped to become the beneficiaries of foreign institutional investors pulling funds out of other emerging markets should the region’s geopolitical stability hold, according to market experts.
On Tuesday, 326.41 million shares cumulatively valued at Dh504.71 million were traded on the Dubai market. The stock of real estate major Emaar rose 1.1 per cent, closing at Dh5.47, while Dubai Islamic Bank’s shares surged 1.85 per cent.
Al Madina was the day’s top gainer, its stock closing 5.76 per cent higher at Dh0.79, while Dartakaful was the day’s top loser, its shares closing 2.93 per cent lower at Dh0.531.
Abu Dhabi market
In Abu Dhabi, the market traded about 172.05 million shares cumulatively worth about Dh404.69 million. Of the 26 company stocks traded on Tuesday, only seven advanced, while 14 declined and five closed unchanged.
About 95.36 million shares of Abu Dhabi’s real estate major Aldar Properties, cumulatively valued at around Dh224.22 million, were traded, with the stock ending 1.28 per cent lower at Dh2.32.
The stock of First Gulf Bank was the day’s main gainer on the market, ending 2.14 per cent higher at Dh16.70. Abu Dhabi National Company for Building Materials (Bildco) ended the day as the top loser, its stock plummetting 8.62 per cent to close at Dh0.53.
