Dubai: Dubai’s DFM index rose 2.73 per cent to close at 1,666.87 points on Wednesday with gains across the board on positive global sentiment and after US Senate passed a deal to avert a “fiscal cliff” which threatened the world’s largest economy.

The index closed at its highest since April as property stocks made a strong recovery after the UAE central bank’s new mortgage lending rules.

Traders expect the new rule may slow the property sector’s recovery in the short term but could be positive in the long term.

Property stocks were the biggest gainers. Union Properties surged 8.86 per cent, Arabtec by 7.14 per cent, Deyaar Properties by 4.55 per cent and Emaar by 2.93 per cent.

Among the gainers, Al Salam Bank – Bahrain rose 14.82 per cent to close at Dh0.581, followed by Shuaa by 12.57 per cent to Dh0.618 and Dartakaful by 10.50 per cent to Dh0.579.

Among the losers, Emirates NBD fell 0.70 per cent to Dh0.283 and GGICO fell by 0.57 per cent to Dh0.346.

Of the 28 companies traded, 26 rose and two fell.

About 379.76 million shares worth Dh353.80 million were traded.

Abu Dhabi

Real Estate, Energy, Investment and Financial shares lifted the Abu Dhabi Securities market (ADX) index further by 1.80 per cent to close at 2678.22 points.

Real Estate index rose 6.51 per cent, led by Sorouh. Sorouh shares rose 7.20 per cent while Aldar Properties by 6.30 per cent.

The market is anticipating of a long-awaited possible merger in the near future.

Among the gainers, National Bank of Fujairah rose 14.95 per cent to Dh5.23, followed by Arkan by 13.24 per cent to Dh0.77 and Sorouh to Dh1.34.

Among the losers, Sudan Telecommunication lost 7.21 per cent to Dh1.03, followed by Abu Dhabi National Co for B and M by 1.75 per cent to Dh0.56 and Ras Al Khaimah Ceramic Co by 0.92 per cent to Dh1.08.

Traders said that the stock market is gearing up for earnings season.

Eshraq was the volume leader while Sorouh was the leader in value.

Of the 25 companies traded, 18 rose, four declined and three closed unchanged.

About 153.03 million shares worth Dh142.91 million were traded on Sunday.