UAE indices continue gains

Abu Dhabi: The UAE stock markets gained for a second day on Monday in line with global trends with the Abu Dhabi Securities Exchange (ADX) general index appreciating 2.15 per cent and Dubai Financial Market (DFM) index rising 2.95 per cent.

The Emirates Securities Market Index increased by 2.39 per cent to close at 4,090.20.

Of the 128 companies listed on the markets, shares of 48 companies advanced, whereas shares for 14 declined, and the rest remained unchanged.

The Emirates Securities And Commodities Authority (Esca), the UAE regulator of the Dubai and Abu Dhabi local stock markets, said that as of Monday, there was a Dh13.63 billion increase in market capitalisation, which currently stands at Dh583.55 billion.

The ADX general index closed at 3,520.96, while in Dubai the DFM index ended at 3,310.91.

In Abu Dhabi, more than 137.40 million shares changed hands with a total value exceeding Dh559.75 million.

While Aldar Properties' shares were the most actively traded, First Gulf Bank was the day's main gainer on the ADX with its shares ending 9.57 per cent higher at Dh12.65. Ras Al Khaimah Ceramic was the day's main loser, with its shares falling 9.93 per cent to close at Dh2.63.

In Dubai, more than 358 million shares were traded on the DFM, whose combined value exceeded Dh1 billion.

Emaar on top

Emaar Properties came at the top of the most active companies by volume, with its shares gaining 6.12 per cent during the day to close at Dh5.90.

The top gainer for the day on DFM was Salam International, whose shares rose 15 per cent to close at Dh16.10. ENBD's shares declined the most on the market, falling 0.86 per cent to close at Dh6.94 a share.

"We need a certain stabilisation on the global markets for the current rally to be sustainable here," Dubai-based Rami Sidani, Head of Middle East Investment at Schroders Investment Management, told Gulf News.

"Our regional markets will outperform other emerging markets on the rebound, driven by strong fundamentals and heavy government spending," Sidani added.