UAE stocks rally about 2%

Dubai: With second-quarter expectations of positive earnings high, the UAE benchmarks consolidated on their Monday gains to end up almost 2 per cent.

Though the volumes being traded are still low, but steadily growing, the Dubai Financial Market General Index added 1.77 per cent to close at 5540.17.

The volume more than doubled to 473.67 million shares worth Dh1.51b.

The Abu Dhabi Securities Exchange Index jumped 1.81 per cent to 5043.36 on 308.35 million shares traded for Dh1.80b.

In two days, the Abu Dhabi index has gone up 2.82 per cent.

After the recent declines, most blue-chip stocks are rebounding. Ajman Bank led gainers both in volume and value, adding 15 per cent to close at Dh2.76.

On Monday, it was flat at 2.40. The stock has declined more than 39 per cent since June 23.

Amlak Finance, the second biggest provider of home loans in the UAE, rose 4.22 per cent to Dh4.69. However after gaining 6.33 per cent on Monday, Tamweel, the largest mortgage lender in the country, lost 1.55 to end at Dh8.27.

The real estate sector moved up 2.18 per cent, with Emaar Properties and Deyaar adding 1.38 per cent and 7.77 per cent to Dh11 and Dh2.22 respectively.

In Abu Dhabi, both energy and real estate sectors are showing signs of recovery after being in negative territory in recent weeks.

Dana Gas and Abu Dhabi National Energy jumped 4.17 per cent and 6.17 per cent respectively.

While Sorouh Real Estate added 3.13 per cent to close at Dh9.57, Aldar Properties rose 1.20 per cent to Dh12.70.

Small-cap stocks such as Methaq Takaful Insurance continued to lead the list of gainers. It was up 9.94 per cent to Dh7.19.