UAE stock markets rise amid robust trading

Dubai: The Dubai Financial Market (DFM) index rose strongly on Monday as the bulls returned in force and robust trading took place, mainly in real estate major Emaar's stock which rose 4.5 per cent.

The DFM index rose 3.31 per cent to close at 2,338.11 as investor confidence got a boost from third quarter earnings of blue-chip companies.

Emaar's shares rose to Dh4.88 and its shares worth Dh491.42 million were traded. Overall, as much as 474.11 million shares worth a combined Dh1.21 billion changed hands. Of the 30 companies traded, 26 rose, 2 fell and 2 remained unchanged.

Takaful-EM was the biggest gainer, its shares rising 7.19 per cent to Dh1.79. AlMadina was the day's biggest loser, falling 9.55 per cent to Dh1.99.

Shares of Emaar were the most actively traded in terms of value and the stock of Dubai Financial Market was the most active by volume.

Market analysts say the third quarter earnings of blue-chip companies will set the immediate direction for the UAE markets.

Meanwhile, the Abu Dhabi Securities Exchange (ADX) general index rose 0.65 per cent, boosted by the surge in real estate, banking and industrial stocks.

The market index rose to 3,167.83 amid higher trading volumes compared to Sunday.

Market participants say the Abu Dhabi market is well supported by solid earnings of some of the blue-chip companies.

However, investors remain cautiously optimistic about the global economy's recovery from recession, which is a major factor in determining the foreign capital inflows into the market and in setting its direction.

On Monday, 144.10 million shares worth a combined Dh390.65 million were traded. Of the 42 companies traded, 25 rose, 9 fell and 8 remained unchanged.

Ras Al Khaimah Poultry and Feeding Co. was the main gainer, rising 9.73 per cent to close at Dh2.48.