Dubai: Union Properties (UPP) tested its 52-week high on Monday, outperforming Dubai index.
Despite the profit-taking seen in the boarder market, Union Properties has managed to recover back to its previous high.
UPP closed 1.74 per cent higher at Dh1.17, topping the earlier peak struck on December 13. The stock has gained 68 per cent since November 9, compared to 8 per cent gains on Dubai index.
Amanat closed at Dh0.977, up 1.14 per cent and was the most-actively traded stock on the bourse. About 150 million were traded on the name, its highest since November 22.
Dubai Entertainments witnessed volumes of 59 million shares, its highest since December 4. Dubai Entertainments closed 3.88 per cent higher at Dh1.34. Gulf Finance House fell half a per cent to be at Dh1.94.
Overall, the Dubai Financial Market General index closed 0.75 per cent higher at 3,551.91.
Out of a total of 36 stocks traded on the exchange, shares of 23 firms rose, while the other 9 fell. In Abu Dhabi Securities Exchange General index closed 0.37 per cent higher at 4,455.80. The gains were led by insurance companies and consumer staples.
Eshraq Properties closed 0.98 per cent higher at Dh1.03, while Agthia closed 1.91 per cent higher at Dh6.95. Out of a total of 25 stocks traded on the exchange, shares of 12 firms rose, while other 6 fell. The rest 6 remained steady.
On Monday, elsewhere in the Gulf, the Saudi Arabia’s Tadawul index closed 0.30 per cent lower at 7,169.68. The Qatar exchange index closed 0.48 per cent lower at 10,344.39. The Muscat Securities MSM 30 index closed 0.07 per cent lower at 5,726.88. h Kuwait Stock Exchange general index closed 0.25 per cent higher at 5,714.38.
But generally, volumes in Dubai still remained nearly half compared to last month. Traded value came in at Dh600 million, more than half compared to over Dh1 billion witnessed last month.
“Generally, people won’t take any kind of aggressive bets in the market as we come closer to the year, and they would wait for the following year to take any fresh positions,” Musa Haddad, equity fund manager at National Bank of Abu Dhabi’s asset management group said.
Franklin Templeton has an overweight rating on UAE indices.
“The UAE looks better positioned compared to other peers regionally,” said Haddad. Fund managers are also placing their bets on Expo 2020. There are a lot of companies, and the banking sector which is expected to benefit from the EXPO 2020, Haddad said.
The Dubai index has gained more than 11 per cent in 2016, outperforming other regional stocks.