Dubai: Positive sentiment and strong consumer confidence add fuel to the rally on the UAE bourses on Thursday.
The DFM index closed 0.72 per cent higher at 4762.21 points, led by insurance and transport shares while real estate shares got a big boost.
Dubai is attracting property ownership, whether for long-term investment or for personal housing needs and real estate transactions in the first quarter was up 38 per cent compared to last year to Dh61 billion, according to Dubai Land Department’s report.
Deyaar shares closed up 3.25 per cent higher and Union Properties by 3.33 per cent while Emaar closed unchanged.
Among the gainers, Union properties closed at Dh2.79, followed by Deyaar at Dh1.59 and Dubai Islamic Bank by 3.17 per cent to Dh6.51.
Al Salam Group fell by 5.52 per cent to Dh1.37, followed by International Financial Advisors by 3.26 per cent to Dh0.890 and Emirates NBD by 3.19 per cent to Dh9.10.
Of the 29 companies traded, 14 rose, 12 declined and three closed unchanged.
About 528.15 million shares worth Dh1.26 billion were traded.
Deyaar was the active value and volume leader.
Dubai is the best performing index globally with 41.32 per cent up for the year.
Abu Dhabi
In Abu Dhabi, consumer staples and real estate shares lifted the index up by 0.49 points to 5156.65 points.
Among the gainers, Commercial Bank International rose by 9.52 per cent to Dh2.30, followed by Asmak by 9.08 per cent to Dh8.29 and Esahraq by 2.67 per cent to Dh2.69.
Ras Al Khaimah White Cement suffered the worst by falling 9.79 per cent to Dh1.75, followed by Dana by 3.26 per cent to Dh0.89 and Methaq by 2.44 per cent to Dh1.60.
Of the 33 companies traded, 15 rose, 13 declined and five closed unchanged.
About 300.16 million shares worth Dh879.95 million were traded.
Eshraq was the active value and volume leader.
The index has surged 20.19 per cent for the year.
