UAE markets gain

Dubai: Dubai benchmark stock index extended its gains on Wednesday after it rebounded in the previous session from Tuesday’s two-month low. The gains were largely led by small cap stocks.

The Dubai Financial Market General Index advanced 0.57 per cent to close at 1845.01 taking its year to date gains to 14.6 per cent. Though recent weeks have witnessed lower trading volumes, on Wednesday shares traded jumped to 169 million from Tuesday’s meager 115.47 million. Turnover surged 93.98 per cent to Dh218.15 million.

Majority of the stocks gained. Of the 24 companies that traded yesterday, 19 advanced, three remained flat and two retreated.

Among the gainers were small cap stocks such as mortgage company Tamweel and insurance companies Dar Al Takaful and Takaful Emarat. The heavyweight stocks Emaar Properties, Air Arabia were among the others to gain. Tamweel surged 9.09 per cent to end at Dh1.08. Takaful Emarat jumped 6.31 per cent to Dh0.64 and Dar Al Takaful gained 2.39 per cent to Dh0.515.

Air Arabia also figured in the top five gainers list, up 3.65 per cent to Dh0.795. Emaar advanced 1.91 per cent to Dh5.34.

Abu Dhabi: In tandem with its Dubai counterpart, the Abu Dhabi benchmark measure also gained on Wednesday, snapping two straights days of loss.

The Abu Dhabi Securities General Index was up 0.51 per cent to close at 3022.23. Year to date, the index is up 14.88 per cent.

The total volume of shares traded saw a jump of 56.19 per cent, from Tuesday’s 58.99 million to 92.14 million. The turnover, however, saw a decline from the previous session’s Dh126.81 to Dh103.87 million. Among the most active stocks in terms of value were Aldar Properties, Sorouh Real Estate and Etisalat.

Of the 25 companies whose stocks traded on Wednesday, 14 advanced, two declined and nine remained flat.

The gains were led by a mix of stocks, with no sector dominating. Leading hospitality group Abu Dhabi National Hotels (ADNH) led the list of gainers with a jump of 8.33 per cent to Dh1.95. Ras Al Khaimah Ceramics, the world’s largest ceramics manufacturer, advanced 4.4 per cent to Dh1.90. Sorouh Real Estate, climbed 2.38 per cent to Dh1.72. Aldar gained 2.17 per cent to end at Dh1.41.

Etisalat, UAE’s largest telecom company, was the major loser—one of the two—declining 0.21 per cent to Dh9.68.