UAE stock markets gain

Dubai: The Abu Dhabi Securities Exchange (ADX) general index rose 0.74 per cent on Sunday, but investor interest remained low, as reflected in the volume of shares traded.

Real estate, construction, consumer, banking and insurance stocks rose, raising the ADX general index to 2,941.72.

About 69.51 million shares worth nearly Dh144.05 million changed hands.

"There is nothing significant happening in the market. There's high volatility, institutions are holding their positions and it's only the day traders who are active in the market," Mousa Haddad, Head Trader with National Bank of Abu Dhabi Asset Management, told Gulf News.

Of the 35 companies stocks traded, only 21 rose, seven fell and seven remained unchanged.

Shares of National Corp for Tourism and Hotels gained the most, up 10 per cent to Dh5.50.

Shares of Abu Dhabi Aviation Co lost the most, falling 7.94 per cent to Dh2.52.

Meanwhile, Dubai's bourse rebounded, gaining 1.22 per cent to 2,123.26. The stocks recovered some losses incurred in last week's volatility as 15 of the 30 traded stocks rose.

Emaar led the market again, closing up 1.45 per cent to Dh4.21. Shuaa rose 2.37 per cent to Dh1.88.

While seeing high trading, stocks of DFM, Drake and Scull International and Union Properties closed unchanged. Arabtec gained 1.97 per cent to Dh3.10, and Dubai Investment Company moved up 3.33 per cent to Dh1.24.

Al Mazaya Holding Company rose the most, closing 14.81 per cent higher at Dh3.10. It was followed by Gulfa, which rose 4.71 per cent to Dh5.34.

The largest loss was suffered by Al Firdous, down 4.64 per cent to Dh1.85. Gulf General Investments Company followed, falling 3.8 per cent to Dh1.52.

"Sentiment remains bullish and that is key. Our direction will continue to be from global markets with, of course, an amplified response in either direction," said Matthew Wakeman, managing director of cash and equity linked trading at EFG-Hermes.