Dubai: UAE shares continued their uptrend to register five-year highs as investors remained bullish in the first month of the new year amid expectations of healthy earnings and dividend gains from real estate and banking stocks in the fourth quarter.
The Dubai Financial Market General Index, which made the smallest weekly gain last Thursday, closed 1.29 per cent higher yesterday to 3549.90.
The turnover on 1.22 billion shares traded stood at Dh1.89 billion.
Of the 32 stocks traded, 21 advanced, five retreated and six remained flat. The most active stocks in terms of value traded largely comprised of real estate and construction stocks.
In the capital, the benchmark measure ADX General Index was up 0.90 per cent to end at 4457.51. The gain was led by investment and financial services and real estate stocks. The total volume traded was 880.76 million shares, valued at Dh1.55 billion. Twenty stocks increased, 11 declined and five remained unchanged.
“It’s a continuation of what has been a good start to the year for UAE stocks,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
“ADX is up 2.86 per cent and DFM 0.77 per cent. The banking sector and real estate sectors have been strong performers, mid and small cap stocks are also in focus. 2014 is expected to be a good year for UAE stocks as the economy continues to strengthen,” he added.
Yesterday Union Properties, which was the most active in terms of turnover, jumped 9.60 per cent to Dh1.37. Drake & Scull International rose 0.61 per cent; Deyaar was up 4.59 per cent and Emaar Properties 1.15 per cent.
In Abu Dhabi, Ras Al Khaimah Properties soared 11.32 per cent to Dh1.18 and Aldar was up 4.20 per cent to Dh2.92.
