Dubai: Momemtum driven stocks such as Gulf Finance House, Shuaa Capital, Amanat found favour among traders on the UAE bourses, triggering a boost in trading volumes on Sunday.
Gulf Finance House jumped 14.62 per cent to close at Dh2.43, its highest level in a year. The stock has gained more than 19 per cent in the first three weeks of January, after quadrupling in value in the past year.
“For the past couple of sessions or longer, participants focused on trading opportunities like HITS Telecom, Amanat and others rather than into the blue chips,” said Marwan Shurrab, an investment manager based in the UAE.
Amanat closed 1.92 per cent higher at Dh1.06. Shuaa Capital closed more than 13 per cent higher at Dh1.84. Drake and Scull closed more than 4 per cent to be at Dh0.549.
HITS Telecom fell more than 1 per cent to be at Dh0.853.
The Dubai Financial Market General index closed 0.72 per cent higher at 3,716.98. Traded volumes came in at Dh1.253 billion, almost equal to last week. Out of a total of 40 stocks traded on the exchange, shares of 20 firms rose, while other 11 fell. The rest remained steady.
“The underlying positive leads from the US markets resulted in momentum trades in UAE,” Shurrab said.
The Abu Dhabi Securities Exchange General index closed 0.13 per cent lower at 4,698.78. Eshraq Properties closed 12.96 per cent higher at Dh1.22. Waha Capital closed 14.76 per cent higher at Dh2.41. ASMAK closed 4.03 per cent higher at Dh4.13. Eshraq Properties closed 12.96 per cent higher at Dh1.22. Out of a total of 32 stocks traded on the exchange, shares of 17 firms rose, while other 11 fell.
Elsewhere in the Gulf, the Tadawul index closed 0.27 per cent higher at 6,894.39. The Qatar exchange index closed 0.17 per cent higher at 10,959.82. The Muscat MSM 30 index closed 0.29 per cent higher at 5.750.91. The Kuwait Stock Exchange closed 3.20 per cent higher at 6,641.78.
