UAE markets buck global trend to close higher for the second day

Dubai: The UAE stock markets, bucking the US and other global markets, were up for the second day in a row this week, with the Dubai Financial Market index gaining 1.69 per cent to close at 1488.64 and the Abu Dhabi Securities Exchange Index advancing 1.76 per cent to 2252.60.

The DFM gain was led by real estate and financials, with Arabtec soaring 14.71 per cent to Dh1.17, Emaar climbing 2.55 per cent to Dh2.01 and Dubai Financial Market jumping 13.98 to Dh1.06.

The rise in Abu Dhabi was led by energy stocks and real estate. Abu Dhabi National Energy Co., also known as TAQA, announced earlier on Wednesday an 89 per cent jump in yearly profits to Dh2 billion. The basic earnings per share grew from 25 fils to 39 fils.

Aldar Properties and Sorouh Real estate closed 4.82 per cent and 3.96 per cent higher respectively.