UAE markets close in positive territory

Abu Dhabi: The UAE markets rose on Wednesday ahead of a crucial meeting of the US Federal Reserve during which Fed Chairman Ben Bernanke is widely expected to announce a timeframe for a partial withdrawal of its $85 billion-(Dh312.2 billion)-a-month monetary stimulus.

Shares cumulatively valued at nearly Dh879 million changed hands on the Dubai and Abu Dhabi markets on Wednesday.

In Dubai, the stock of regional construction major Arabtec rose 5.07 per cent to close at Dh2.28, while Drake & Scull’s shares went up 1.2 per cent to Dh1.01. Real estate major Emaar’s stock, however, fell 0.35 per cent to Dh5.66 on profit-taking by investors.

In total, about 378.79 million shares cumulatively worth around Dh562.09 million were traded on the Dubai Financial Market, the index closing 0.56 per cent higher at 2,392.85.

In Abu Dhabi, the Abu Dhabi Securities Exchange general index rose 0.15 per cent to close at 3,664.99. As many as 124.63 million shares having a combined value of Dh316.59 million were traded.

Top gainer

Green Crescent Insurance Company was the market’s top gainer, its stock rising as much as 9.37 per cent, closing at Dh1.40. However, profit-taking by investors, primarily in real estate shares of Aldar Properties and Sorouh Real Estate, capped the market’s gains. Aldar’s stock declined 2.14 per cent to Dh2.29, while Sorouh’s fell 1.71 per cent, closing at Dh2.88.

Market analysts say the bullish sentiments for the two UAE stock markets remain intact due to the robust first quarter earnings of blue-chip real estate companies and banks, as well as due to the MSCI decision to upgrade the markets to emerging market status from frontier market. However, the unrest in Syria and its fallout remain a concern for the markets in the near-term.