Jumeirah Lake Towers in Dubai Marina. Real estate shares continued to remain in demand with Emaar Properties the most active stock in trade. Emaar closed 2.5% higher. Image Credit: Gulf News Archives

Dubai:The Dubai Financial Market general index recovered, resuming its uptrend to hit its highest level in more than two months as real estate shares continued to remain in demand.

The Dubai index rose 0.85 per cent to be at 2,683.74, after hitting a high of 2,693.94, a level last seen in early December. The index has gained more than 8 per cent in the past nine sessions, albeit a mild profit-taking on Sunday.

Emaar Properties was the most active stock in trade. Emaar Properties closed 2.5 per cent higher at Dh4.92. Emaar contributed to 36 per cent of the total traded value of Dh333 million, up 28 per cent on the previous day. Other real estate shares such as Arabtec, Emaar Development also surged. Arabtec closed 2.22 per cent higher at Dh1.84. Emaar Development closed 6.78 per cent higher at Dh4.25. “We still see deep value in real estate names; specifically Emaar Development which is trading at attractive multiples, which could be driving interest in the stock,” Ayub Ansari, senior analyst with SICO Bank told Gulf News.

Image Credit: Gulf News

Emaar Malls ended 3.27 per cent higher at Dh2.21. “Emaar Malls has increased its stake in online retailer Namshi to 100 per cent which is expected to bring in additional income to the retail operator which had found success in growing Namshi’s base over the past year,” Essam Kassabieh, senior financial analyst at Menacorp said.

In other stocks, Dubai Investments closed 3.23 per cent higher at Dh1.28. Emirates NBD closed 1.96 per cent lower at Dh10. The Abu Dhabi Securities Exchange general index closed 0.47 per cent higher at 5,139.80.

“There has been buying in select banking stocks which pushed the index higher to the expected level of 5,140. The index is headed towards 5,250 in the medium term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.

Abu Dhabi Commercial Bank closed at Dh9.69, up 1.57 per cent. Union National Bank closed 1.1 per cent higher at Dh5.50. Aldar Properties closed 2.23 per cent higher at Dh1.83. Dana Gas closed 3.86 per cent higher at Dh0.86.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.27 per cent higher at 8,456.22. The MSCI Tadawul 30 Index closed 0.37 per cent higher at 1,248.44. Material goods and transportation indices rose 0.6-0.7 per cent. The Muscat MSM 30 index closed at 4,089.06, up 0.53 per cent. The Qatar exchange index closed 0.29 per cent higher at 10,255.97. The Kuwait all share index closed 0.36 per cent higher at 5,251.07. The Bahrain all share index ended 0.46 per cent higher at 1,414.64.