Dubai: The Dubai Financial Market General Index (DFMGI) closed higher helped by property stocks, with volumes increasing as the gauge neared key levels above the 3.500 mark. Elsewhere in the Middle East and North Africa (Mena) region, Egyptian stocks rose more than a per cent.

The Dubai index closed 0.25 per cent higher at 3,530.60 after trading in the range of 3,513.06-3,532.17. Emaar Properties, the most active stock in trade, closed 1.72 per cent higher at Dh7.08. About Dh103 million worth of Emaar shares were traded on the bourse, compared to a total of Dh344 million on the exchange.

Union Properties closed more than 2 per cent to end the day Dh0.760, making it the third most active stock in terms of value traded. Aarabtec was the second most active stock, rising rose more than 0.50 per cent to end at Dh1.54 while Dubai Islamic Bank (DIB) closed 0.34 per cent higher at Dh5.39.

Out of a total of 35 stocks traded on the exchange, the shares of 16 companies fell, while those of 10 rose. The remaining stocks remained steady.

In Abu Dhabi, the general index closed 0.12 per cent higher at 4,539.11. Methaq Takaful ended the day’s session 2.17 per cent higher at Dh0.94 while Dana Gas closed 1.75 per cent lower at Dh0.56. First Gulf Bank closed more than 1 per cent higher at Dh12.

Out of a total of 27 stocks traded on the bourse, the shares of 13 firms advanced while those of seven retreated. The rest remained steady.

“We are in the middle of August, when the movement is relatively subdued. If you want volatility to be back, you need major announcements or major events globally or in the region,” Sebastien Henin, head of asset management at The National Investor told Gulf News. “Until this time markets will trade in a narrow range. We expect markets to move sideways for another three weeks to one month.”

Egyptian index

“Local investors were seen taking positions before the expected Egypt-IMF deal,” Henin said, adding that “the outlook is positive for the market.”

The Egyptian EGX 30 index closed 1.09 per cent higher at 8,288.77. Eygpt is in talks with the IMF to finance a government programme designed to secure additional aid and attract foreign investors to revive an economy that has struggled to recover since the 2011.

Elsewhere in the Gulf region, Saudi Arabia’s Tadawul All Share Index (Tasi) closed 0.42 per cent lower at 6,354.59.

“Oil prices have been stable, I’m not expecting major movements or volatility to [revisit markets in] Saudi Arabia and Qatar,” said Henin.

The Qatar index closed 0.71 per cent higher at 10,996.41 while the Kuwait Market Index ended 0.08 per cent higher at 5,512.99. The Muscat Securities Market index ended the day’s session 0.07 per cent lower at 5,892.80.