Dubai index rose another half a per cent on Wednesday even as Union Properties witnessed bulk deals ahead of its unit IPO.

The Dubai Financial Market General index closed 0.48 per cent higher at 3,542.44. Union Properties, which closed 0.91 per cent higher at Dh0.995, was the actively traded stock on the bourse. About 50 million shares were traded on the name post midday.

Damac Properties rose after the chairman said he is open to sell 15 per cent of his stake in the company.

“Damac is forming a rounding bottom to target Dh3.73 first and then ignite aggressive moves towards the previous high of Dh4.03 in the medium term,” said Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities in a note. Damac Properties closed 0.29 per cent higher at Dh3.50. Emaar Properties closed at Dh7.35, up 0.55 per cent. Dubai Islamic Bank closed at Dh6.60, up 0.76 per cent after publishing its fourth quarter results. Gulf Finance House closed 1 per cent higher at Dh1.49.

The Abu Dhabi Securities Exchange index closed 0.42 per cent higher at 4,634.91.

“The index is expected to extend gains towards the measured move target zone at 4,800,” Prakash said. Etisalat closed 0.56 per cent higher at Dh17.90.

Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed 0.11 per cent higher at 7,539.74 as it registered most of its gains post the midday trade. The Nomu index closed 0.42 per cent higher at 3,084.21.

The Al Rajhi Takaful closed 3.34 per cent higher at 64 Saudi riyals. Saudi Basic Industries closed 0.79 per cent higher at 107 riyals. Al Rajhi Bank closed 0.40 per cent higher at 69.50 riyals.

The Qatar exchange index closed 0.21 per cent lower at 9,158.77. The Muscat MSM 30 index closed 0.16 per cent lower at 5,031.73. The Kuwait index closed 0.32 per cent lower at 6,603.3.