Dubai: Dubai index rose, extending gains for the second session of 2017, witnessing a strong start as traders placed aggressive bets in bluechips.
The Dubai Financial Market General index closed 1.80 per cent stronger at the day’s high of 3,602.32. Emaar Properties witnessed buying, with the stock ending nearly 3 per cent higher at Dh7.39.
“The combination of good valuations plus the upcoming dividend season along with the background of positive global markets helped our markets,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
Traded volumes doubled to nearly Dh1 billion from the previous session, indicating resurgent interest from traders.
Drake and Scull closed 4.55 per cent higher at Dh0.505, while Arabtec closed 4.51 per cent higher at Dh1.39. Salama or Islamic Arab Insurance Company closed more than 11 per cent to be at Dh0.666. Gulf Finance House closed half a per cent higher at Dh1.99.
Highest level
Abu Dhabi index hit its highest level in three weeks helped by buying in banks.
“The positivity that we are seeing at the moment, along with the news of possible merger as well of banks helped Abu Dhabi stocks,” Khokhar said.
The Abu Dhabi Securities General index closed 1.24 per cent higher at 4,590.31, the highest last seen on December 12. Union National Bank closed more than 4 per cent higher at Dh4.5. Abu Dhabi Commercial Bank closed more than 7 per cent higher at Dh4.38 and First Gulf Bank closed 1.56 per cent higher at Dh13.
Elsewhere in the Gulf, the Qatar exchange index closed 1.64 per cent higher at 10,599.95. The Muscat Securities MSM 30 index closed 0.57 per cent higher at 5,732.66.
Saudi Arabia’s Tadawul index was 0.17 per cent lower at 7,235.19. Going ahead, investors would watch the events emanating out from the US after President-elect Donald Trump assumes office on January 20.
