Dubai: UAE stock markets witnessed the end of profit taking on Monday as they edged up more than one per cent. Led by real estate companies and banks, Abu Dhabi’s benchmark index gained 1.22 per cent to 3,469.13, ending four sessions of decline.
The real estate index was up 4.16 per cent, with Aldar Properties and Sorouh Real Estate surging 5.79 per cent to Dh2.01 and 3.86 per cent to Dh2.42 respectively. Rak Properties climbed 1.82 per cent to Dh0.56.
Due for the merger formalities to be finally completed in June, Aldar and Sorouh, Abu Dhabi’s biggest real estate companies, have jumped 58.26 per cent and 93.6 per cent respectively this year.
Banks in the capital also made gains after the recent bout of selling. The banking index advanced 1.43 per cent. First Gulf Bank rose 1.79 per cent to Dh14.20, Abu Dhabi Commercial Bank was up 1.87 per cent to Dh4.89 and National Bank of Abu Dhabi climbed 1.26 per cent to Dh12.05.
Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group, said last week’s profit taking was seen as a temporary, short-term correction after the markets had witnessed big gains this quarter.
“Even if we see such corrections, the underlying fundamentals of the UAE are really strong and I see the momentum continuing,” he added. “And as the markets continue to make gains, there will always be a reasonable excuse for short-term traders to lock in some profits from time to time.”
Led by Emaar Properties and Dubai Islamic Bank, the Dubai Financial Market (DFM) General Index gained on lower 1.07 per cent to end at 2305.56. The value of shares traded fell from Dh710.28 million to Dh639.32 million. Emaar rose 2.10 per cent to Dh5.84 and Dubai Islamic Bank was up 3.14 per cent to Dh3.28.
