Abu Dhabi: Trade values on the Dubai Financial Market (DFM) reached their highest of this month on Wednesday with a total of Dh1.84 billion as the index gained 0.23 per cent to reach 4,986.13.

Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index rose 0.26 per cent to reach 5,128.82.

In Dubai, real estate developer, Arabtec alone accounted for 63 per cent of the total market trade value, as its share prices went up 4.81 per cent to reach Dh4.79. The gains on Thursday bring the total increase of this week to 11.71 per cent.

“There is a lot of interest on the stock because of rumours that there might be a big transaction, and it’s supporting the name because people are expecting the transaction to be done at a higher price,” said Sebastien Henin, head of asset management at The National Investor.

He referred to the expected sale of former CEO’s, Hasan Ismaik’s shares to Aabar Investments.

Henin also discussed the high trade value in Dubai, and attributed it to the fact that many investors are back from holiday. He expected further market activity with the beginning of September.

However, most powerhouses in Dubai ended the day in the red. Emaar fell 0.48 per cent, Union Properties slid 0.44 per cent, Dubai Investments Co. declined 1.57 per cent, and the DFM share price dipped 1.14 per cent. Gulf Finance House gained 0.19 per cent, though.

In Abu Dhabi, Green Crescent Insurance Company topped the gainers’ list with a 6.12 per cent change, followed by Abu Dhabi National Company for Building Materials with (Bildco) with 5.69 per cent, Gulf Cement Company with 5.11 per cent, and Ras Al Khaimah Properties with 2.88 per cent.

As for the outlook for the market, Henin said he was quite cautious, and expected profit-taking activity in the coming weeks.

“The geopolitical environment is not so great across the region, with everything happening in Iraq and Libya recently, so that’s not really positive for the region. Oil prices are also close to their year-low; they’re just above $100 per barrel, so that’s not supportive for the local markets,” he said.

Of the 33 stocks traded on DFM, 19 went down, nine went up, and five remained unchanged. Of the 32 stocks traded on ADX, 16 declined, 13 advanced, and three remained flat.