Dubai: Marginal buying was witnessed in property stocks on the Dubai bourse on expectations of new projects and real estate demand from the annual Cityscape event, which helped the gauge to buck a weak regional trend.
Union Properties, Emaar Properties, Emaar Malls, Aldar Properties, RAK Properties saw buying with increased traded value compared to previous session.
The Dubai Financial Market General Index closed 0.18 per cent higher at 3,654.04. Traded value jumped to Dh295 million on Monday compared to near Dh200 million in the previous session.
“There is some capital that has come in. It’s a global phenomenon. We are benefitting from global bullishness in equities,” said Fareed Samji head of asset management at Daman Investments.
Union Properties closed 0.90 per cent higher at Dh0.897. Emaar Properties ended 0.23 per cent higher at Dh8.70.
Emaar Malls closed 0.4 per cent higher at Dh2.44. Aldar Properties 1.75 per cent higher at Dh2.32. RAK Properties closed 1.45 per cent higher at Dh0.70. Marka rose to its upper circuit, closing 10.75 per cent higher at Dh0.752.
Aman and Salama closed higher after reports that Abu Dhabi Investment Council is weighing sale of its nearly 24 per cent stake in Abu Dhabi National Insurance Company (ADNIC).
Shuaa Capital closed 2 p er cent higher.
The Abu Dhabi Securities Exchange general index closed 0.16 per cent lower at 4,438.46, reversing its earlier gains.
“I’m not yet convinced that we are in a bull run. I’m still on the sidelines,” said Samji.
“I need to see atleast 3-4 session of half a billion in traded value,” he added.
Saudi Arabia’s Tadawul index was 0.38 per cent higher at 7,406.07. The Qatar exchange general index closed 1.55 per cent lower at 8,532.40.
The Muscat MSM 30 index closed 0.35 per cent lower at 5,038.69. The Bahrain bourse all share index closed 0.46 per cent lower at 1,310.63.
