DUBAI: Select stocks like Gulf Finance House, Amanat and Union Properties jumped more than 5 per cent during trade on Monday, even as the overall Dubai index steadied.

Gulf Finance House rose more than 10 per cent to close at Dh1.95, while Amanat closed more than 5 per cent higher at Dh0.980. Union Properties closed 9.7 per cent higher at Dh0.820.

“Investors should be selective in UAE markets. If you bought an ETF based on Dubai index, investor may have gained 4 per cent so far in the year,” Mohammed Ali Yasin, managing director at National Bank of Abu Dhabi Securities said.

The overall index closed 0.14 per cent higher at 3,306.19. Traded volumes jumped above the Dh1 billion mark, against an average of Dh500 million a few weeks ago.

“Due to higher traded volumes, the UAE markets have been gaining confidence of the local individual investors,” Yasin said.

In other stocks, Dubai Entertainments closed less than a per cent higher at Dh1.53, while Arabtec closed more than 2 per cent lower at Dh 1.21. Out of a total of 36 stocks traded on the exchange, shares of 20 firms rose, while other 15 fell. The rest remained steady.

The Abu Dhabi Securities Exchange index closed 0.2 per cent higher at 4,229.65. Eshraq Properties closed 5/26 per cent at Dh1.20, while Etisalat fell 0.85 per cent to Dh17.40. Aldar Properties closed 0.79 per cent higher at Dh2.54. First Gulf Bank closed 0.43 per cent higher at Dh11.70. Out of a total of 28 stocks traded on the bourse, shares of 11 fell and then recovered. The rest remained steady.

The Saudi Arabia’s Tadawul index closed 1.12 per cent lower at 6,496.74 weighed by banks and cement firms.

Dar Al Arkan closed 0.37 per cent lower at 5.45 Saudi Riyals, while Alinma Bank closed 1.27 per cent lower at 14 riyals. Elsewhere in the Gulf, the Qatar exchange index closed flat at 9.782.83. The Muscat MSM 30 index closed 0.46 per cent lower at 5,495.51.

Positive trend

“The trend is changing. It’s looking more positive. We expect some of the speculative liquidity in the market to blue chip companies, as a result we might see a medium turn positive trend,” said Tariq Qaqish, head of asset management at Al Mal Capital.

The Dubai Financial Market General index has gained more than 5 per cent so far in the year as against negative returns in Abu Dhabi index.

“Markets catalysts would be fourth quarter results, Opec meeting, Fed decision on interest rates and momentum building up towards dividend paying stocks,” Qaqish said.