Dubai shares make a strong comeback as investors adopt a cautious approach

Dubai: UAE shares, especially Dubai, made a strong comeback on Monday after suffering losses on Sunday despite investors adopting a cautious approach.

Dubai’s DFM index rose 1.59 per cent to close at 2382.81 points while Abu Dhabi’s ADX index closed 0.35 per cent up at 3643.24 points.

The market focus remains on Syria and US Federal Reserve’s meeting.

The DFM index closed down 2.3 per cent at 2345.47 on Sunday while Abu Dhabi was down 0.9 per cent at 3630.37. Both the markets have gained this year on strong economic outlook.

Among the gainers on the Dubai bourse, Ekttitab rose 9.43 per cent, followed by Al Salam Bank – Bahrain by 6.77 per cent and Aman by 5.37 per cent.

Arabtec shares rose 3.92 per cent as Aldar Properties awarded a $1.09 billion contract for a joint venture project in Kazakhstan, led by Arabtec.

Among the losers, GGICO fell 3.83 per cent followed by DP World by 2.10 per cent and Emirates NBD by 0.93 per cent.

Of the 27 companies traded, 22 rose, three fell and two remained unchanged.

About 367 million shares worth Dh473.98 million were traded.

Gulf Finance House was the active volume leader while Arabtec was the active value leader.

In Abu Dhabi, Methaq was the biggest gainer while Sharjah Cement and Industrial Development was the biggest loser.

Of the 31 companies traded, 17 rose, nine fell and five remained unchanged.

About 155.52 million shares worth Dh335.15 million were traded.

Aldar was the active volume and value leader.