Thursday, Dec 12, 2013
Dubai: UAE’s stock markets ended the week in positive territory on Thursday as Dubai’s benchmark index maintained its upward surge as investors continued to bet on real estate and construction stocks.
For the week, The Dubai Financial Market General Index (DFMGI) advanced 4.71 per cent and Abu Dhabi General Index (ADX) climbed 1.56 per cent.
Emaar Properties was the most active stock in terms of value traded this week, with its share price soaring 12.48 per cent. It was up 5.14 per cent on its previous session to end at Dh7.36. With Emaar signing a memorandum of understanding with Dubai World Central to develop an integrated urban centre at the Expo 2020 site, Thursday’s jump was expected. The region’s biggest real estate developer, which has the biggest weight on the Dubai benchmark index, had earlier this week unveiled Vida Residence, The Hills, featuring 136 serviced apartments.
On Thursday, the DFMGI rose 1.88 per cent to 3157.85 amid increased volumes and turnover. The turnover of 639.86 million shares jumped to Dh1.16 billion from Wednesday’s 720.89 million. Of the 33 stocks traded, 17 closed higher, 13 decreased and three remained flat.
Deyaar Development jumped 3.23 per cent to Dh0.800; Union Properties added 2.86 per cent to Dh1.08 and Arabtec closed 4.18 higher per cent to 2.74.
In the capital, Aldar Properties rose 3.56 per cent to Dh2.62. Banks had a mixed day, First Gulf Bank was unchanged at Dh18. National Bank of Abu Dhabi and Abu Dhabi Commercial Bank had modest increases, gaining 0.39 per cent and 0.36 per cent respectively. Etisalat remained flat Dh11.50.
By Gaurav Ghose Financial Features Editor
Gulf News 2013. All rights reserved.
