Dubai: UAE stocks rose marginally yesterday as investors traded on selective stocks in a market that is seen to be consolidating before the third quarter earnings season commences later next month.
Volumes continued to be high in Dubai’s stock market with 1.53 billion shares exchanging hands, which were worth Dh1.16 billion.
The DFM General Index was up 0.25 per cent to 2716.16 led by stocks that have witnessed high trading in the past couple of months, namely Arabetc, Gulf Navigation, Union Properties and Deyaar Development. Of the 32 stocks traded, 22 advanced, seven declined and three remained flat.
Gulf Navigation surged 14.75 per cent to Dh0.389, taking its two day gains to about 25 per cent. Arabtec rose 1.57 per cent to Dh2.58; Deyaar closed 1.33 per cent higher and Drake and Scull jumped 4.24 per cent.
Arabtec announced that it has signed with Samsung Engineering to form a Mena focused company that will cater to the oil and gas, power and related infrastructure sectors. Drake & Scull and Habtoor Leighton Specon (HLS) announced that it has been awarded a Dh403 million turnkey project to provide the complete MEP systems in the Al Habtoor City in Dubai.
Union Properties, among the most active stocks, lost 1.96 per cent to Dh0.900.
In Abu Dhabi, the benchmark index rose 0.32 per cent to 3828.43. The total turnover fell to Dh402.51 million from Dh648.86 million in the previous session. Of the 33 stocks traded, 20 gained, six retreated and seven remained unchanged.
Waha Capital, among the most active stocks, climbed 7.89 per cent to Dh1.23. Dana Gas was up 0.56 per cent to Dh0.65. National Bank of Abu Dhabi lost 3.13 per cent to Dh12.40.
