UAE stock market indices reverse trend with a marginal gain

Abu Dhabi: The UAE stock markets closed in positive territory on Sunday, reversing two continuous days of losses with Abu Dhabi Securities Exchange (ADX) general index gaining 2.38 per cent and Dubai Financial Market (DFM) index rising 0.37 per cent.

As a consequence of bulls outpacing bears, the Emirates Securities Market index increased by 1.54 per cent to close at 3,994.64 points. Of the 128 companies listed on the markets, shares of 36 companies advanced, whereas shares of 27 companies declined, while the rest remained unchanged.

The Emirates Securities and Commodities Authority (ESCA), the UAE regulator of the Dubai and Abu Dhabi stock markets, said that as of yesterday, there was a Dh8.64 billion increase in market capitalisation which currently stands at Dh569.92 billion.

On the ADX, the general index closed at 3,446.76, while in Dubai, the DFM index ended at 3,215.94.

In Abu Dhabi, more than 109.24 million shares changed hands with the total value of shares traded exceeding Dh451.84 million. Aldar Properties' shares were the most actively traded, while Umm Al Quwain Cement Industries Co. was the day's main gainer on the ADX with its shares ending 8.77 per cent higher at Dh1.84.

Abu Dhabi Ship Building Company was the day's main loser on the market, with its shares tanking 10 per cent to close at Dh4.41.

In Dubai, more than 335.18 million shares were traded on the DFX, whose combined value exceeded Dh943.43 million. Emaar Properties came at the top of the most active companies with a trade value of Dh0.37 billion distributed over 64.19 million shares through 2,760 transactions. Emaar's shares gained 0.72 per cent to close at Dh5.56, despite a 3 per cent drop in its fiscal third quarter net profit, which provisional results showed.

The top gainer for the day on DFX was GGICO, whose shares rose 8.57 per cent to close at Dh7.98. Grand Real Estate Projects' shares declined the most on the market, falling 14.95 per cent during the day to close at Dh1.65 a share.

Meanwhile, Tom Healy, the chief executive of ADX said yesterday that the underlying economies of both the UAE and GCC region are strong and the outlook for listed companies robust.

Speaking at a conference on Exchange Traded Funds in Abu Dhabi, Healy said the investors should take a long-term view on both the securities they invest in and the overall economic situation.