Dubai

The Dubai stock market rose 0.44 per cent to close at 1922.87 on the back of a surge in turnover on Wednesday. The market gained on Tuesday led by du, which soared to a four-year high on estimates beating results and an impressive dividend announcement.

Du continued to rise for the second day after its fourth quarter results were announced Tuesday. It rose 1.21 per cent yesterday taking its two day gain close to 14 per cent. The telecom operator closed at Dh4.17.

Volumes on the market rose to 349.94 million shares to record a 33.79 per cent jump in turnover to Dh525.69 million from the previous day. With its 107 million shares traded, Tabreed, the cooling company, topped the lists of total turnover and total shares traded. It closed the day gaining 1.20 per cent to Dh1.69.

Among the major gainers were global interior contracting company Depa, which rose 2.56 per cent to $0.360 and port operator DP World, which gained 1.92 per cent at $13.25. Shares of Arabtec, Emaar and Dubai Financial Market also ended positive.

Emirates NBD and Gulf Navigation were among the top five losers.

Abu Dhabi

After Tuesday’s marginal decline, the Abu Dhabi General index jumped 1.58 per cent on Wednesday to end at 3010.60. The traded value fell on the day to Dh268.54 million from the previous day’s Dh284.65 million.

The two biggest real estate companies in Abu Dhabi, Aldar Properties and Sorouh Real Estate continued to be the top two stocks with the highest turnover. Aldar rose 1.32 per cent to close at Dh1.53 and Sorouh was up 0.54 per cent at Dh1.86.

Ras Al Khaimah Properties was also among the top five traded and turnover stocks. It however remained unchanged at Dh0.56.

Etisalat was the third highest stock in terms of turnover. On Tuesday, along with Du, the company announced its net profit for the year, with consolidated revenues increasing by just two per cent. Boosted by asset sale, the telecom operator said its net profit after royalty in 2012 increased 15 per cent. Yesterday, the stock rose 2.85 per cent to close at Dh10.10.

Among the top gainers were Financial House and Insurance House, both surging 14.89 per cent to Dh3.78 and Dh1.08 respectively. Bank of Sharjah also ended in the positive, rising 6.21 per cent to Dh1.54. Losers included National Bank of Fujairah, Arkan and Eshraq Properties.